Dealmaker: Oxford Properties Group Acquires Biomanufacturing Facility for $125M

(92 Crowley Drive illustration, Marlborough, Mass.)

Oxford Properties Group, Toronto, acquired 92 Crowley Drive, a biomanufacturing facility under construction in Marlborough, Mass., for $125 million.

Commercial Real Estate Direct reported PGIM Real Estate, Newark, N.J., provided $58 million in financing for the transaction.

Oxford said it plans to lease the 120,000-square-foot facility to biotech firm Resilience, La Jolla, Calif., for up to 30 years. “This deal structure raises proceeds for Resilience while allowing it to conduct its day-to-day business operations with full use of the facility,” Oxford said.

Upon completion later this year, 92 Crowley will be Resilience’s flagship facility, with dedicated manufacturing suites and complementary office and warehouse space. The transaction at 92 Crowley represents the third sale and leaseback between Oxford and Resilience in a growing partnership.

The Boston area is the world’s leading life sciences market. In 2021, it saw record life sciences investment with $13.8 billion total life sciences venture capital funding and a 10-year high $3.4 billion of local funding from the National Institute of Health.

“Our acquisition of 92 Crowley aligns strongly with our biomanufacturing strategy,” said Christie Chen, Director of Investments at Oxford. “Boston continues to be an unparalleled market in terms of talent, capital and research institutions.”