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Boston-based Redgate is the latest local developer getting into the life science game with plans for a conversion of a 52-acre office campus in Bedford.

Redgate partnered with AEW Capital and Optimum Asset Management on the $47.5 million acquisition of the former Oracle campus at 100 Crosby Drive, which contains 288,000 square feet of currently vacant office space and is approved for an additional 300,000 square feet of office, lab and manufacturing.

New York-based Mack Real Estate Credit Strategies provided $110 million in financing for the transaction. Developers plan to convert the offices into class A life science space available in early 2022. The project will include new mechanical systems, new freight and loading docks and updates to amenities.

“At a time when life sciences companies are moving quickly to advance lifesaving technologies, cutting edge therapeutics and innovative solutions to global health, environmental and climate challenges, 100 Crosby will provide much needed space on an accelerated timetable,” Redgate Executive Vice President Reid Joseph said in a statement.

Approximately 30 life science companies are already based in Bedford and the town is one of many Boston suburbs with decades-old office parks that are attracting investment by lab developers positioning properties for life science expansion.

Venture capital firms invested a staggering $4.4 billion in Bay State life science companies in the first quarter, according to a recent report by CBRE, following the $6.2 billion they invested in 2020. Many growing biotechs are in the market for 10,000 to 25,000 square feet of R&D space, according to CBRE.

JLL brokered the 100 Crosby Drive sale and sourced the financing, and also has been named leasing agent.