Image courtesy of Berkeley Garbe

The joint venture between Boston-based Berkeley Investments and German real estate investor Garbe is beginning its expansion partnership with a speculative project in Billerica.

The 161 Concord Road property is approved for a 150,000-square-foot flex/R&D building, which is scheduled for completion in April 2027.

Developers are targeting the advanced manufacturing sector along the Route 3 north corridor. Avison Young’s Jason Levendusky and Michael Dalton represent owners in leasing.

The project will include 28-foot ceilings, 264 parking spaces and an opportunity to add a mezzanine level.

“Today’s tenants require greater flexibility, upgraded infrastructure, and specialized building systems to support increasingly sophisticated manufacturing and research activities. Even before construction and leasing efforts formally began, we saw strong interest from prospective tenants, underscoring the demand for next-generation industrial and R&D space in this market,” Berkeley Garbe Director of Asset Management Dan McGrath said in a statement.

The project is the first for the joint venture between Berkeley and Garbe, which will pursue industrial, residential and infrastructure projects.

Berkeley originally purchased the 161 Concord property in 2022 and received approval for rezoning to accommodate advanced GMP manufacturing. The project is now approved for flex/R&D uses.