Boston life science developer pays $4.7M for Devens sites
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King Street Properties, a Boston life sciences developer, has bought three sites on Jackson Road in Devens for development plans.
A Boston life sciences development firm has bought its second and third sites in Devens this year, including two in a deal closed in July for $4.7 million.
The buyer, King Street Properties, bought 45 Jackson Road, a 22-acre site with the zoning potential for 350,000 square feet of development space, including for offices, research and development, or light industrial use. A second site at 75 Jackson Road spans 11 acres and has the potential for 200,000 square feet of similar uses.
Both sites are near Bristol Myers Squibb's pharmaceutical site and one of three Devens buildings hosting Quiet Logistics. Both Jackson Road sites were sold by MassDevelopment, the state's public economic development agency. The sales closed July 29.
"This project is a huge achievement for Devens and for economic development in North Central Massachusetts," Lauren Liss, the MassDevelopment president and CEO, said in a statement to the Worcester Business Journal, citing other life science tenants nearby, including local operations for Bristol-Myers Squibb, Bio-Techne, Jabil and Johnson Matthey.
King Street Properties' co-owner, Stephen Lynch, said the firm has a long track record of identifying rising life sciences areas. The company has a series of life science buildings, primarily in Cambridge, Lexington and Waltham, as well as 100,000 square feet of biomanufacturing space at the former MetroWest Daily News building in Framingham.
"We believe that Devens has the attributes needed to emerge as one of the next life science clusters in Massachusetts over the next few years," Lynch said. "We're in the early stages of engaging in the public process to bring forward plans to create an exciting new project there, which we hope to announce later this year.”
King Street paid $2.7 million in April for 57 Jackson Road, which includes a 22,500-square-foot office building and 6.8 acres for expansion.
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