Image courtesy of Newmark

A suburban lab conversion was acquired by Northeastern University for $33 million, just three years after a local developer sold it for $103 million to an institutional investor.

Burlington-based Gutierrez Companies began the office-to-lab conversion in 2019 in response to the surge in suburban life science leasing, subsequently leasing the building to three biotech companies. MetLife Investment Management completed a $103 million acquisition in November 2022.

Known as Burlington BioCenter, the 4-story, 109,085 square-foot building was listed by MetLife through brokerage Newmark last year, however, at a time when suburban lab vacancies have soared.

The current occupancy of the building was not available, but vacancies in the Route 128 North lab market hit 50 percent in the first quarter, according to a CBRE report.

Northeastern also has a 14-acre suburban innovation campus at 145 South Bedford St. in Burlington. In an emailed statement, spokesperson Renata Nyul said the latest acquisition will expand the capability of researchers on the Burlington campus, which is focused on Homeland Security and defense research.

“Burlington BioCenter stands alone in the Burlington submarket for its turnkey laboratory infrastructure and modern, full-floor buildouts,” Newmark Vice Chairman Matthew Pullen said in a statement. “In a region where many life science buildings remain in shell condition, this asset is truly differentiated by its cutting-edge systems and immediate occupancy potential.”

The building includes fully built-out lab infrastructure including pH neutralization, high-efficiency HVAC systems and backup power, according to Newmark, and features flexible floor plates.

Editor’s note: This report has been updated with comment from Northeastern University on its plans for the property.