Image courtesy of Greatland Realty Partners

Greatland Realty Partners is the first developer to respond to the town of Lexington’s Hartwell Innovation Park (HIP) rezoning with its acquisition of a four-building, 289,000-square-foot complex.

The $66.5 million-square-foot transaction is a joint venture with Chicago-based Singerman Real Estate, which also partnered with Greatland on the recent groundbreaking of the 180,000-square-foot Revolution Labs development in Lexington.

The Maguire Road portfolio includes four creative office and R&D buildings suitable for lab conversions and Revolution Hall, a food hall with garage doors opening to outdoor seating.

JLL is leasing agent and property manager for both Lexington properties.

The town of Lexington recently rezoned 280 acres in its commercial district near Route 128 to stay competitive with expanding life science clusters in areas such as East Watertown and Somerville’s Union Square. The new Hartwell Innovation Park (HIP) District allows 115-foot building heights to encourage lab development.