The firms’ GenesisM platform, which is dedicated to developing purpose-built biomanufacturing facilities, will redevelop 45 Crosby Drive in Bedford, MA
Bain Capital’s Real Estate team and Botanic Properties, a real estate investment and development firm focused on addressing the unique needs of the biomanufacturing industry, announced the acquisition of 45 Crosby Drive in Bedford, Massachusetts. The investment is being made by GenesisM, a specialized real estate platform dedicated to developing purpose-built biomanufacturing facilities. Financial terms of the purchase were not disclosed.
Bain Capital and Botanic formed GenesisM to offer life science tenants a best-in-class real estate solution for their clinical and commercial manufacturing needs. GenesisM’s Enhanced Core design delivers a robust initial build-out that reduces tenant fit out time and construction costs. The design allows companies to better align their manufacturing spend and scale with product maturity while shortening the lead time for facility delivery.
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The redevelopment of 45 Crosby Drive will transform the property into an approximately 154,000-square-foot, state-of-the-art Class A biomanufacturing facility designed to meet the specialized needs of leading biotech companies. The facility will feature industry leading specifications including 12,000 amps of incoming electrical power, 27-foot ceiling heights, up to 18 loading berths, 40’ x 40’ column spacing, and a strategic delivery that will allow multiple tenants to operate highly regulated independent facilities. The property is situated on a prominent 15-acre site along the Route 3 corridor, which is home to a cluster of life science, manufacturing, and technology companies; providing convenient access for a regional workforce and to the heart of Kendall Square, one of the world’s leading biotech hubs.
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“We developed the strategy for GenesisM to support biomanufacturing tenants struggling with high capital costs, long construction timelines and lack of access to purpose built biomanufacturing space at the right scale for their needs,” said Joe Marconi, Partner at Bain Capital. “This is an exciting and meaningful opportunity to leverage our deep experience in life science real estate to deliver purpose-built facilities designed with a true understanding of the needs of the end users, while addressing the primary pain points for tenants in today’s market – capital efficiency and speed to market. We look forward to the continued growth of GenesisM with our partner Botanic Properties as we work closely to position 45 Crosby Drive as a premier destination for biopharmaceutical companies seeking modern, efficient, and flexible manufacturing space.”
Bain Capital’s Real Estate team has invested in over 7 million square feet of life science real estate since 2013 and currently owns and operates a portfolio of over 5 million square feet in key strategic U.S. life science markets.
“Botanic is fortunate and proud to have found a partner in Bain Capital that truly understands the real estate needs of the life science industry,” said Joshua Zinns, Managing Principal of Botanic Properties. “Their commitment to the industry and market insights derived from across the firm’s healthcare platform give us the ability to design and deliver world class biomanufacturing assets and to take a long term, strategic approach to delivering solutions for our tenants.”
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Source – businesswire
