Bedford Labs and Riverwalk Labs Offer Leading Tenants State-of-the-Art Spaces
BEDFORD, Mass., Oct. 11, 2023 /PRNewswire/ — Today, Redgate, and Optimum Asset Management (Optimum) in partnership with AEW, announced the delivery of the core and shell of Bedford Labs, a state-of-the-art lab and research building located at 100 Crosby Drive in Bedford, Massachusetts. The delivery of Bedford Labs comes as Redgate, Optimum and AEW prepare to celebrate the grand opening of another nearby lab, research and biomanufacturing complex in Bedford, Riverwalk Labs.
Bedford Lab’s first phase, which entails a fully renovated existing 288,000 square feet, delivers fully leased after securing one of the largest suburban leases in Massachusetts with Sarepta Therapeutics, a global biotechnology company focused on precision genetic medicine for rare diseases. Tenant fit-out of the building is currently underway, and the building will be outfitted with numerous amenities specifically designed to accommodate Sarepta Therapeutics.
Redgate recently secured approvals to develop an additional 300,000 square feet of lab, research and biomanufacturing space at Bedford Labs. The new development will be designed for the next generation of life sciences, clean technology, and tough technology tenants as Redgate continues to take a long-term, bullish outlook on the growing Bedford cluster.
“Life sciences tenants have leased close to 1.2 million square feet of space in the Middlesex Route 3 Corridor since the beginning of 2022, over half of which has been new growth in Bedford. The submarket’s leasing activity is second only to Cambridge/Somerville across the entire Greater Boston region,” said Tom Hamill, Principal at Redgate.
Nearby, Riverwalk Labs, a 168,000 square foot lab located at 14 Oak Park Drive in Bedford, will celebrate its opening on October 11, 2023. Designed by Ci Design Inc., Riverwalk Labs will feature numerous on-site amenities including a food hall managed by Craft Foods that will offer a dynamic menu and diverse array of cuisines, a state-of-the-art fitness center, a meditation room, bike storage space, walking trails along the Shawsheen River, as well as pickleball and basketball courts.
Bedford allows both Riverwalk Labs and Bedford Labs close proximity to more than 50 nearby tech, life sciences, and bioscience research companies. The locations are easily accessible for tenants, situated less than a mile from Route 3 and less than 5 miles from I-95. The surrounding areas boast more than 120 restaurants, and it is only an eight-minute drive to the Burlington Mall’s more than 150 retailers.
According to Mass Bio’s recent Industry Snapshot, Bedford boasts nearly 6% year-over-year job growth in the research and development space.
“Bedford is the place so many established companies seek to be, thanks to our excellent location and access to resources and great local talent. Within a 20-mile radius of Bedford, 70% of the population is college-educated and the numerous food, retail, and service amenities make this an attractive region for the workforce to live in,” said Matt Hanson, Town Manager for the Town of Bedford.
“The nearby area is comprised of established leaders in the life sciences and clean and tough technology sectors, making it an ideal opportunity for Redgate to continue its investment in the Middlesex 3 Corridor,” Hamill said. “We’re proud to attract the best in the field to our Bedford developments and engage the extremely strong workforce that surrounds us.”
At Redgate, we are passionate about creating great places to live and work that energize growth, inspire collaboration and cultivate authentic communities. Active in New England, the Mid-Atlantic and North Carolina, our team has thrived on solving complex real estate challenges since our founding in 2010. Through customized owners’ representation services, Redgate helps corporations, institutions and investors mitigate risk and deliver high-quality projects. As an investment manager, project sponsor and operator, Redgate pursues an opportunistic strategy that delivers attractive, risk-adjusted returns to equity investors in the multifamily, life sciences and industrial real estate sectors in priority high-growth markets. For more information, visit www.redgate-re.com.
About Optimum Asset Management:
Optimum Asset Management is a specialist real estate investor and developer with $2 bln of AuM. The firm specializes in acquiring mispriced and mismanaged life science, commercial and residential assets across established property markets in Germany and the US on behalf of a wide range of institutional investors. Optimum’s approach to real estate investing is driven by their deep understanding of the real estate and finance markets, the financial and operational expertise of their highly experienced team and their commitment to a long-term value creation philosophy. With offices in Boston, Miami and New York, Optimum has a strong local presence wherever they operate
Colleen Fitzgerald, Benchmark Strategies
Originally published at https://www.prnewswire.com/news-releases/redgate-finds-success-in-bedford-two-new-life-science-buildings-come-online-301953494.html
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