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A pair of 1990s-era office buildings are set for conversion into a nearly 234,000-square-foot life science complex in Andover.

New Jersey-based OceanFirst Bank provided $35.3 million in financing for the project at 300 and 600 Federal St. The buildings’ large floor plates, ample ceiling heights and loading capacity made them suitable for repurposing as life science space, according to JLL which arranged the acquisition and repositioning financing for developers True North Management Group and Celera Properties.

The base building improvements will be suitable for lab and GMP manufacturing uses, and are scheduled for completion in the fourth quarter of 2022.

“Even as a newer entrant to the market, OceanFirst Bank quickly realized that Andover is a dual laboratory and manufacturing life science location. As such, OceanFirst was highly motivated to work with the team of Celera and True North on a strategic and highly executable business plan,” JLL Senior Director Martha Nay said in a statement.

Developers are racing to alleviate an unprecedented bottleneck in Greater Boston lab space supply. More than 10 million square feet of new life science developments and conversions are scheduled for delivery by the end of 2023, according to a recent report by CBRE.