Staff photo by Steve Adams

A firm that’s converting three Boston office buildings into life science space has completed its largest local acquisition to date in a $238 million deal for the Independence Wharf property.

Nan Fung Life Sciences Real Estate acquired the 14-story, 337,000-square foot waterfront tower at 470 Atlantic Ave. from Credit Suisse. The property last sold in 2009 for $106 million.

Nan Fung, whose U.S. operations are headed by former JLL Boston executive Matthew Powers, specializes in speculative conversions of downtown office buildings into lab suites with timelines designed to satisfy biotech companies’ swift space occupancy requirements.

Previously, Nan Fung acquired 51 Sleeper St. in the Seaport District and One Winthrop Square in the Financial District and kicked off installation of lab infrastructure.

In August, Nan Fung acquired the 2 Financial Center office tower near South Station for $210 million.

Continuing demand for lab space and uncertainty about the future of office work is influencing the direction of new developments in downtown Boston as well.

HYM Investment Group is proposing a 410,000-square-foot life science building in the next phase of its Bulfinch Crossing redevelopment of the Government Center Garage property, which previously had been approved for a hotel and retail space. And Samuels & Assoc. received approval this week to build 118,000 square feet of life science and R&D space in the office tower at its parcel 12 Massachusetts Turnpike air rights project in Back Bay.