Courtesy of Bruce T. Martin Photography

Boston-based Greatland Realty Partners and Barings acquired a Newton office park where life science developer Alexandria Real Estate Equities had planned a lab conversion.

At $117.5 million, the sales price represents a 50 percent discount from Alexandria’s $235 million purchase price from January 2020.

Alexandria announced this spring that it would sell the 510,000-square-foot complex next to the MBTA’s Riverside station, after requesting a two-year extension of its permits for the lab conversion.

A Greatland spokesperson said the firm has no immediate plans to move ahead with the lab conversion, noting the property is currently 90 percent occupied.

Founded in 2019, Greatland Realty Partners has specialized in conversions of suburban office parks into life science space, including redevelopment of the former Liberty Mutual offices in Weston and the Revolution Labs project at 1050 Waltham St. in Lexington.

The 21 million-square-foot anticipated pipeline of lab construction in Greater Boston far exceeds active requirements by life science companies, according to local brokerages, prompting developers to rethink plans for new project.

This month, North River Co. requested a two-year extension of its permits for a 345,000-square-foot lab project at 91 Hartwell Ave. in Lexington, citing diminished leasing activity in the sector and higher construction costs.