40 – 42 Wiggins Avenue - Bedford, MA
Transwestern | RBJ brokered the disposition of 1 Patriots Park, a 144,230 s/f office building located at 40 – 42 Wiggins Ave. Longfellow Real Estate Partners acquired the property for $11.3 million, or $78 per s/f, and plans to redevelop it into a Class A laboratory building. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale and sourced the buyer.
Longfellow will commence its plan to reposition1 Patriots Park as a best-in-class suburban life sciences building beginning this fall. As the Cambridge laboratory/biotechnology market continues to demonstrate steadily increasing rental rates and a lack of available lab space, 1 Patriots Park will be well-positioned to attract tenants being squeezed out of Cambridge.
“Longfellow has made an excellent acquisition, gaining a building that can be transformed into a much-needed suburban laboratory facility,” said Skeffington. “The building (1 Patriots Park) has a tremendous amount of potential with companies seeking a cost-effective laboratory alternative outside of Cambridge.”
Transwestern | RBJ has been retained by the new ownership to provide leasing services for 1 Patriots Park.