The Gauge

The $340-million acquisition of a pair of Waltham office campuses will give the new owners the opportunity to add lab-ready space for life science companies.

TPG Real Estate Partners acquired The Gauge and CenterPoint office parks in Waltham, which span nearly 600,000 square feet and are anchored by Abcam and Repligen.

TPG’s Alloy platform, which specializes in life science properties, has been on the hunt for acquisitions in Greater Boston and other industry clusters since its creation in 2020. In November, TPG paid $122 million for 20 and 34 Crosby Drive in Bedford, a 590,000-square-foot campus that will be repositioned for lab uses.

The new ownership – a partnership with Hilco Real Estate – plans to convert a majority of the campus into class A lab space, tapping into the rapid expansion of the lab market in Watertown and Waltham, according to a source familiar with the company’s plans.

The three-building Gauge property is a former headquarters of manufacturer Standard Thomson Co. that was converted into office and R&D space. The CenterPoint property at 41 Seyon St. and 43 Foundry ave. was originally a Raytheon Corp. R&D and manufacturing facility and converted into multi-tenant office space.

Formed in 2020, TPG’s Alloy platform now owns 29 buildings in six metro areas. The company is scouting acquisitions in Greater Boston, Raleigh, San Diego and San Francisco.