12/01/2021 | Press release | Archived content
December 1, 2021 12:00 PM
Newmark announces Homology Medicines' 91,500-square-foot lab lease extension and expansion at One Patriots Park in Bedford, Massachusetts. The clinical-stage genetic medicines company, which engages in the design and development of treatments to address rare diseases at the genetic level has expanded its headquarters in Bedford. The transaction included the extension of Homology Medicines' current 68,500-square-foot lease and expansion into an additional 23,000 square feet.
"The goal at One Patriots Park was to bring in supplemental, lab-ready infrastructure and work with our prospective tenants to ensure their laboratory needs would be met," said Nick Trocki, Vice President and Asset Manager with Jumbo Capital. "Between a great team and solid tenant partnerships we were able to deliver functional Class A lab space and execute on our business plan very efficiently."
Newmark Managing Director Matt Malatesta and Executive Managing Director Torin Taylor represented the asset owner, Jumbo Capital, a privately-held commercial real estate investment and management firm focused exclusively in Massachusetts. Homology Medicines was represented by Paul Delaney and Dan Sullivan of Cresa.
"Since its December 2020 acquisition of One Patriots Park, Jumbo Capital has continued to invest in the lab infrastructure," said Malatesta. "Those investments have proven fruitful, with this being the third lease signed at the property under Jumbo's ownership."
Taylor added, "The life sciences market in the Boston area continues to see unprecedented demand. We were pleased to negotiate this deal which will allow Homology Medicines to remain and expand in its current space."
One Patriots Park is in the burgeoning Hartwell/Wiggins life science cluster in the greater Boston metro area. Situated off Interstate 95 (Route 128), the property offers seamless accessibility to surrounding amenities and Boston by MBTA shuttle service or the Minuteman Commuter Bikeway.
According to Newmark Research, vacancies in Boston's suburban laboratory markets hit a historic low during the third quarter of 2021, declining to 7.7%. Over the past year, vacancies declined by more than 600 basis points, with existing availabilities nearly nonexistent along the Route 128 belt. Greater Boston's laboratory market is expected to maintain its current growth trajectory, bolstered by record venture capital funding, strength in the public markets, and a greater emphasis on the life science industry.
About Jumbo Capital
Jumbo Capital ("Jumbo") is a privately held, value focused, fully integrated commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 to pursue investment opportunities exclusively in Massachusetts, in all asset classes. Currently, the firm manages a portfolio of 4.3 million square feet of commercial real estate, in the Greater Boston area. Jumbo has demonstrated impressive growth and continues to expand with the recent addition of a Life Science asset, branded Patriots Park in Bedford, MA. Jumbo provides local expertise and a high quality of service across its comprehensive range of investments, making Jumbo flexible and accommodating partner to tenants in a diverse range of markets.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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