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The new owner of a 52-acre office park in Bedford will pursue a life science strategy following a $122 million acquisition.

TPG Real Estate Partners plans to reposition the nine-building, 590,000-square-foot campus at 20 and 34 Crosby Drive to attract more life science tenants to the park, which includes existing tenants such as Aspen Technologies and Ocular Therapeutix. It will partner with local operator Anchor Line Properties of Boston on the life science strategy, according to a source familiar with the transaction.

The sellers, National Development and Charles River Realty Investors, completed $8 million in capital improvements to the buildings in 2017 and 2018 including new entries and lobbies, facade updates, new courtyards and landscaping and amenities such as a game room and conference room updates.

Anchor Line Partners also is seeking to expand its life science portfolio in Boston in a partnership with Alexandria Real Estate Equities.

Like many developers adjusting to the short-term dip in demand for office space, TPG is pursuing acquisitions suitable for life science expansion in major industry clusters including Greater Boston, Raleigh, San Diego and San Francisco.

New Owner of Bedford Office Park Plans Life Science Strategy

by Steve Adams time to read: 1 min
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