Image courtesy of GenesisM

A new real estate platform by Bain Capital Real Estate acquired a Bedford property for $26.35 million as its first investment.

The 45 Crosby Drive property will be converted into 154,000 square feet of scalable biomanufacturing space with reduced fit-out times and upfront costs for tenants.

In 2023, Bain Capital Real Estate formed a partnership with New York-based Botanic Properties to develop biomanufacturing facilities under the GenesisM platform, with a focus on the Greater Boston area, the companies announced this week.

The seller was Fujifilm Recording Media USA, which bought the 9-acre property in 2001 for $2.4 million.

The conversion will upgrade the facility to provide 12,000-amp power capacity and 27-foot ceiling heights, developers announced. The project will be designed for multiple tenants to run independent operations simultaneously.

Bain Capital Real Estate currently has a 5 million-square-foot life science portfolio.

“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,” Bain Capital Partner Joe Marconi said in a statement.