BOSTON – Boston-based real estate developer Berkeley Investments announced that it has entered into a new joint venture with Singerman Real Estate and closed on new funding for Exchange 200, a four-story, over 352,000 square foot mixed-use building in Malden Center.
The announcement coincides with the start of construction to transform Exchange 200 into a Class A lab and life science-ready innovation hub. Potential tenants will be able to take possession of the premises from October 2022.
Exchange 200, which is right across from the Malden Center MBTA station, is located in the fast-growing Orange Line corridor that has quickly become home to a burgeoning life sciences hub that includes nearby Cambridge Crossing, Sullivan Square, Assembly Row and Boynton meters. Access to the unprecedented mass transit of the Malden development – including the Orange Line, commuter train and an extensive bus network – is a major asset for a growing number of life science companies looking to attract a young and highly qualified workforce. In particular, the property is located amid a growing population of medical and life science professionals who reside in the communities of Malden, Medford and Melrose.
Dan McGrath, senior vice president and chief asset management officer at Berkeley, notes that “Berkeley is committed to continuing to upgrade Exchange 200 to a modern innovation hub positioned to meet growing user demand. of life sciences, laboratories and R&D / flex in Greater Boston. Exchange 200 provides these businesses with convenient access to public transportation, extensive amenities and a vibrant urban environment, all at a significant savings compared to the sky-high costs for a space similar to Cambridge and Boston. The building is ideally suited to meet the needs of the region’s growing life science tenants in a market where demand far exceeds supply. Buildings like Exchange 200 that can offer occupancy in 2022 will be in unprecedented demand. “
Improvements in the development of the conversion, including state-of-the-art HVAC and MEP systems, an emergency generator and a centralized pH neutralization system, will allow the entire building to meet class laboratory standards. A. These upgraded systems will complement the building’s existing infrastructure which includes seven loading docks, two of which have secure private loading, a freight elevator, a new on-site fitness center with lockers and showers, power capacity redundant and fiber access. As part of the redevelopment, three fully-built speculative lab suites, complete with lab benches, along with existing systems including vacuum and compressed air systems will be built. These upgrades support the global investments already made in the building by Berkeley, which include a new floor-to-ceiling glass facade, a new two-story lobby, an expansive indoor bike room and nearly 15,000 square feet of Street-level retail now occupied by Malden’s very first Starbucks and 110 Grill and Evviva Trattoria restaurants, all with outdoor patios. McGrath points out that this new retail business not only serves as a convenience to future occupants of the building, but also adds to the vibrant urban environment that continues to make Malden Center a “town 15 minutes away” where the necessities are met. daily residents and workers are easily accessible on foot. or by bike.
The town of Malden has seen a wave of new development in recent years, with award-winning new residential communities and exciting new breweries and retail destinations emerging at Malden Center. The City is focused on promoting a welcoming business environment, in particular for life science and R&D companies, as evidenced by the City’s Platinum MassBio BioReady® rating.
Exchange 200 conversion involves new joint venture partnership between Berkeley Investments and Singerman Real Estate, LLC, a Chicago-based real estate investment company with life sciences investments in each of the major life sciences clusters in the USA. The portfolio includes several significant investments in the development and conversion of life sciences in Greater Boston, including 10 Maguire Road and Revolution Labs, both in Lexington, MA.
“We are delighted to continue to grow our national life sciences portfolio and our presence in Greater Boston by teaming up with Berkeley Investments,” said Steve Duncan, principal at Singerman Real Estate. “We have seen an incredible demand for space for life sciences in Greater Boston over the past year. The combined experience of our two companies, along with the many assets and equipment of Exchange 200, make this project and the Malden Center market an extremely attractive market for future tenants in life sciences and R&D.
Construction of the Exchange 200 upgrades is being undertaken by builder Dellbrook JKS, while TRIA is the architect of the project. The new funding was secured by JLL’s Capital Markets team led by Lauren O’Neil and Coleman Benedict. Rental of the property continues to be managed by the team of Molly Heath, Peter Bekarian, Chris Decembrele and Maggie Dore at JLL.