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Outshine Properties, Jadian Capital Spend $32M for Office-to-Life Science Conversion Opp
Outshine Properties and Jadian Capital have acquired 690 Canton Street in the Boston submarket of Westwood, MA for $32 million. The office building with life science conversion potential will deliver 140,000 square feet of prebuilt lab space in Q2 2023.
A Newmark team of Robert Griffin, Edward Maher, Matthew Pullen Samantha Hallowell represented the seller, L&B Realty Advisors. Newmark also arranged financing for the transaction with J.P. Morgan.
The four-story building, with more than 164,000 square feet of space, is currently 73% leased to seven tenants. The building features reusable in-place infrastructure for laboratory tenants with 13-foot, floor-to-floor heights and basement-level support spaces including a loading dock and mechanical and electrical rooms.
The Canton Street building is near a number of new life science, biomanufacturing and R&D developments. Its acquisition follows Outshine Properties’ and Jadian Capital’s November 2021 purchase of The Labs @ 9/90, a four-building office and laboratory campus in Framingham, MA.
- ◦Sale/Acquisition
