Lexington, MA Hobbs Brook Management has acquired Ledgemont Technology Center, from a group of investment partners including the Beal Company and Boston Andes Capital. Ledgemont has long been managed by Related Beal. According to public record the property was acquired for $112.5 million.
“Greater Boston leads the world in breakthrough life science and biotech research,” said Sam Schaefer, president and CEO, Hobbs Brook. “The most innovative companies want to be here at the epicenter of discovery, and this acquisition allows us grow our existing footprint in this expanding sector.”
The Ledgemont Technology Center sits adjacent to another Hobbs Brook property at 95 Hayden Ave., and is two miles from the company’s ongoing development project at 225 Wyman St. in Waltham, which will add more than 250,000 s/f of life science lab space to a market with strong demand and limited vacancy.
A leader in attracting growing and established companies, Ledgemont Technology Center offers 187,000 s/f of newly renovated, first-class life science, office and technaology space through five interconnected buildings. The site’s amenities include a structured parking garage, a “Collaboration Center” that offers a dedicated conference center, a “grab-and-go” café and a lounge area with interior seating, as well as an exterior patio.
Located a quarter mile from the intersection of Rtes. 2 and 128 and offering shuttle service to the MBTA’s Red Line and Lexington Center, Ledgemont provides space for New England’s growing life science and technology companies in a prime location.
Hobbs Brook Management represented itself in the transaction and the seller was represented by Frank Petz and Matthew Sherry of JLL.