Argosy Real Estate Partners Exits Boston Life Sciences Portfolio
We are pleased to announce that Argosy Real Estate Partners has exited its Boston Life Sciences Portfolio (the “Portfolio”) investment. The Portfolio consists of two properties: the Billerica Property, a 91,600-square foot biological office laboratory building entirely leased to a publicly-traded life sciences company and the Natick Properties, a two-building campus totaling 30,600 square feet of office, chemical laboratory, and warehouse space. The Portfolio had an overall occupancy of 75% at the time of sale.
Argosy, in partnership with Spaulding & Slye Investments (together, the “Partnership”), acquired the Portfolio off-market in November 2017 from a corporate seller. The purchase price was below replacement cost, and approximately equivalent to the value of the existing fit-out and equipment. In December 2019, the Natick Properties were sold to a Dallas-based real estate firm. In January 2020, the Billerica Property was sold to a real estate company with a focus on life sciences properties.