Image courtesy of JLL

Owners of a successful office-to-life science conversion in Bedford received $150 million in refinancing for the 288,000-square-foot complex from Apollo Global Management.

The Bedford Labs complex at 100 Crosby Drive is fully leased to Sarepta Therapeutics, which signed one of the largest suburban lease deals in the past year for a new research center.

The development team of Redgate, AEW Capital Management and Optimum Asset Management completed the core-and-shell buildout last fall and secured the lease with Cambridge-based Sarepta. Developers have approval for an additional 300,000 square feet of lab, research and biomanufacturing space targeting life science, clean tech and tough tech tenants.

The 52-acre property previously contained a single-tenant office building occupied by Acme Packet Inc. 

The current owners acquired the property for $47.5 million in 2021 and received $110 million in financing.

JLL Senior Managing Directors Brett Paulsrud and Tom Sullivan and Director Mike Shepard represented ownership in the transaction.

“Although the life sciences market continues to face various challenges, debt capital remains available for top-tier borrowers with quality assets,” Paulsrud said in a statement.