Oxford Properties Group Completes $125M Buy, Lease Back of GMP Facility
Real estate investor Oxford Properties Group has completed the $125-million purchase and long-term lease back of 92 Crowley Drive, a 120,000-square-foot biomanufacturing facility nearing completion in the Boston life sciences submarket of Marlborough, MA
As part of its real estate transaction with Resilience, a technology-focused biomanufacturing company dedicated to broadening access to complex medicines, Oxford Properties Group will lease the property back to Resilience for up to 30 years. The transaction represents the third sale and leaseback between the parties
“Our acquisition of 92 Crowley aligns strongly with our biomanufacturing strategy, and its proximity to our existing cGMP investments in Boston provides significant operational efficiencies,” said Christie Chen, director of investments at Oxford Properties Group.
In addition to 92 Crowley, Oxford Properties Group owns and operates 33 New York Avenue, a fully leased and fully operational 113,000-square-foot facility in Framingham, MA. Oxford’s associated development pipeline spans three assets, all nearing completion: 149 Hayes Memorial Drive (Marlborough, MA; 140,000 square feet), 23 Sycamore Avenue (Medford, MA; 108,000 square feet), and 172 Middlesex Turnpike (Bedford, MA; 140,000 square feet).