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Image courtesy of Roberto Farren Photography
A 352,000-square-foot Malden Center property will be positioned for life science uses under a newly-formed joint venture.
Boston-based Berkeley Investments is partnering with Singerman Real Estate on the latest strategy for Exchange 200, with the goal of offering lab space to tenants by October 2022. Acore Capital provided $135 million in financing, according to a Middlesex Registry of Deeds filing.
Berkeley and Singerman hope to tap into life science growth along the Orange Line north corridor, where developers have launched a series of projects in Charlestown, Somerville’s Assembly Square and Medford’s Wellington Circle.
“Berkeley is committed to further upgrading Exchange 200 into a modern innovation hub positioned to meet the increasing demand of life sciences, lab and R&D/flex users in Greater Boston. Exchange 200 offers these companies convenient transit access, ample amenities and a dynamic urban environment, all at a significant savings to the skyrocketing costs for similar space in Cambridge and Boston,” Berkeley Director of Asset Management Dan McGrath said in a statement.
As part of the project, Berkeley and Singerman will install new HVAC and MEP systems, emergency generators and a central pH neutralization system. The project will include three built-out spec lab suites. Berkeley previously completed renovations including a new facade, lobby and street-level retail space.
Located across from the MBTA’s Malden Center station, the former bank operations center was acquired by Berkeley Investments in 2016 for $21.7 million and was originally slated for creative office and data space.
Chicago-based Singerman Real Estate has a 2 million-square-foot life science portfolio and has been active in Greater Boston development and conversion activity. Previously it partnered with Greatland Realty Partners on the 10 Maguire Road and Revolution Labs projects under way in Lexington.
JLL secured the latest financing and represents the owners in leasing.
