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Shorenstein, Tritower JV on R&D Office Park Acquisition
A Joint venture of Shorenstein Investment Advisors and Boston-based Tritower Financial Group has acquired The Xchange, a 480,000-square-foot R&D office park located at 14 Crosby Dr. in Bedford, MA. According to published reports, the JV paid $96 million to acquire the property from Jumbo Capital Management, which in turn bought it from The Davis Companies for $107.75 million in July 2018.
Located adjacent to the Route 128 interchange in Burlington, The Xchange is 99% leased to a tenant roster that includes iRobot, Quanterix, Nyobolt and Entegris. The eight-building acquisition comes with additional potential development capacity and square footage availability.
“The XChange represents an opportunity for two deeply experienced investors and operators to enhance a superior, fully leased and ultra-modern R&D campus in a market that continues to experience robust tenant demand,” said Sean Fay, VP at Shorenstein.
Leasing at the complex will continue to be handled by JLL’s Christopher Lawrence and Matt Daniels.
- ◦Sale/Acquisition
