LEXINGTON, MASS. — Biopharmaceutical company Shire plc has acquired Lexington Technology Park for $201 million. The company was already the primary tenant of the office/laboratory complex, originally moving its Human Genetics Therapies into the park in 2007. It previously leased 92 percent of the park's existing space. It also has a 156,390-square-foot, build-to-suit office building under construction and already owns a manufacturing facility within the park's grounds.
Once the build-to-suit is complete, Lexington Technology Park will comprise four office/laboratory buildings totaling 435,000 square feet. The $201 million purchase price includes $165 million for the existing park and $36 million for the building under construction. The seller was Patriot Partners Lexington LLC, which is a joint venture between O'Connor Capital Partners, Mohawk Partners and Atlantic Management. Robert Griffin, Jr., and Edward Maher, Jr., of Cushman & Wakefield's Capital Markets Group partnered with Mark Winters, also of Cushman & Wakefield, to represent the seller. Robert Richards of Richards Barry Joyce & Partners represented the buyer.
Lexington Technology Park is located on 96 acres of land near the interchange of Interstate 95 and Concord Turnpike in Lexington. The park previously served as the headquarters for Raytheon Corp. for more than four decades before Patriot Partners purchased it in 2002 and redeveloped it for laboratory use.
– Coleman Wood