MARLBOROUGH, MASS. — Oxford Properties Group has acquired 92 Crowley Drive, a 120,000-square-foot biomanufacturing facility in Marlborough, approximately 20 miles west of Boston. The property is currently under construction.
Resilience, a life sciences company that develops and produces medicine, sold the asset for $125 million. As part of the transaction, Oxford will lease 92 Crowley Drive back to Resilience for up to 30 years. PGIM provided $58 million in fixed-rate acquisition financing for the deal.
Upon final completion in late 2023, 92 Crowley will be Resilience’s flagship facility in the U.S., featuring state-of-the-art analytical and manufacturing technology. The facility is designed with multi-modality manufacturing capabilities, dedicated manufacturing suites and complementary office and warehouse space.
Resilience has become a leading biomanufacturing company with manufacturing facilities across North America. The transaction at 92 Crowley represents the third sale-leaseback between Oxford and Resilience in a growing strategic partnership.
Following the acquisition, Oxford’s biomanufacturing portfolio totals 1.4 million square feet of completed buildings, with a development pipeline of an additional 1 million square feet. While the portfolio is spread across six markets, the largest concentration — 775,000 square feet — is in metro Boston.
“We continue to develop a robust expertise on the real estate needs of biomanufacturing and our footprint in this space is a key pillar of our investment strategy to build a global life sciences business of scale,” says Chad Remis, executive vice president, North America at Oxford.
Boston is the world’s leading life sciences market, according to Oxford. In 2021, the city received record levels of life sciences investment with venture capital funding totaling over $13.8 billion and the National Institutes of Health providing $3.4 billion of funding within the market.
— Kari Lloyd