Cresset Group converted an office and manufacturing building at 65 Grove St. into 120,000 square feet of lab space before selling it to BioMed Realty for $62.5 million in November.

After repositioning a World War II-era office and manufacturing building and attracting new tech and life science tenants, Cresset Group has sold a Watertown complex for $62.5 million.

The 120,000-square-foot 65 Grove St. is the newest addition to Blackstone subsidiary BioMed Realty’s Greater Boston portfolio. The purchase price works out to $521 per square foot.

Boston-based Cresset bought the former GE Ionics property for $5 million in June 2014 as a redevelopment opportunity and launched a capital improvement program including interior renovations, new building systems and energy efficiency updates. New amenities include a landscaped courtyard, workout facilities/locker rooms, common areas and interior bike storage.

East Boston Savings Bank provided $27.9 million in financing in 2015. Originally completed in 1945, the 3-story complex includes 12-foot ceilings, new floor-to-ceiling windows and 390 parking spaces including 300 in a new garage.

Markem-Imaje leased 14,404 square feet on the second floor for a new innovation and design center for industrial laser marking and printing, while parent company Dover Corp. leased an additional 3,719 square feet. Oral drug delivery specialists Lyndra Inc. leased 14,450 square feet in June 2017. Bosch Thermotechnology leased 18,000 square feet in early 2017.

BioMed owns over 12 million square feet of life science space, including 21 properties in Greater Boston.

The transaction is the second big-ticket investment in Watertown’s expanding life science cluster this year.

Clarion Partners paid nearly $158 million in August for the LINX complex at 490 Arsenal Way. Boston-based Boylston Properties converted the former Verizon warehouse into lab and office space and leased the entire 185,015-square-foot building to life science tenants after acquiring the property in 2014 for $13.5 million.

Watertown Repositioning Project Culminates In $62.5M Sale to BioMed

by Steve Adams time to read: 1 min