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Image courtesy of Outshine Properties and Jadian Capital
The new owners of a Westwood office building are set to begin a lab conversion that would become available to life science tenants in 2023.
Outshine Properties and Jadian Capital acquired 690 Canton St. in Westwood, a four-story office building that will be updated with 140,000 square feet of prebuilt lab space. Completion of the project is scheduled for the second quarter of 2023.
The building is currently 73 percent leased to seven tenants, developers said, and features 13-foot floor-to-floor heights.
Newmark’s capital markets team represented the seller, L&B Realty Advisors. The purchase price was $33 million, according to a Norfolk County deed. J.P. Morgan Chase Bank provided $74.6 million in mortgage financing.
The acquisition is the second in Greater Boston for the Outshine-Jadian team, which bought The Labs @ 9/90 in Framingham last November for a similar life science conversion.
Jadian Capital’s initial real estate fund launched in 2018 and raised $665 million from institutional investors.
