Boston-Based Developer Announces Completion of Phase I at World-Class Advanced Manufacturing Campus 44 Middlesex
Ownership to unveil design concept for second building, commencing Phase II in 2025.
BOSTON, Oct. 1, 2024 /PRNewswire/ -- Camber Development and Wheelock Street Capital announce the completion of Phase I at 44 Middlesex–a new, world-class advanced manufacturing campus being developed in Bedford, Massachusetts. In completing Phase I of the project, the partnership marks the delivery of the first of two, 147,000-square-foot, unmatched advanced manufacturing and biomanufacturing spaces to the Greater Boston submarket. Newmark Executive Managing Directors Richard Ruggiero, Matt Adams, Torin Taylor, Rory Walsh and Tyler McGrail were retained as the exclusive leasing agents for the property.
"We congratulate ownership on achieving this milestone in the project as it marks the delivery of a best-in-class facility within a market with little existing supply and robust tenant demand," said Taylor. "We are confident that through our collaborative partnership with Camber Development and Wheelock Street Capital, we will swiftly identify a complementary fit for this space."
Phase II of the development will encompass the delivery of a second, 147,000-square-foot building, which has been successfully entitled and is pad-ready. Construction is slated to begin in 2025, with a one-year construction duration–targeting a completion date in 2026.
"We are proud to introduce 44 Middlesex to the market and partner with leading companies in Greater Boston to create an optimal location for its business to thrive" remarked Tucker Kelton, Founder and Managing Partner at Camber. "The depth and breadth of impactful technological advancement in the life science, climate technology and robotics industries taking place throughout Massachusetts is unrivaled and inspires our team to continue investing in and developing best-in-class innovative industrial real estate like 44 Middlesex."
Totaling 294,000 square feet, the two-building life science and advanced manufacturing campus offers unmatched physical specifications including 8,600 Amps of power, 36' clear heights, six loading docks, robust structural capacity for rooftop equipment and interior mezzanine, and a large outdoor amenity area with a fire feature, Ipe decking, and synthetic lawn. The campus' highly functional and flexible design is equipped to accommodate cutting-edge technology and practices. Each of Buildings 1 and 2 will be two-story structures, featuring 105,000 square feet on the ground floor and a 42,000-square-foot mezzanine space on the second floor.
44 Middlesex is situated in the innovation and manufacturing hub of Bedford, MA–the preeminent location for life science manufacturing and R&D users seeking a location central to executive and R&D talent, and the manufacturing talent pool clustered to the north and west of Boston. The campus will also benefit from the highly amenitized surrounding area–five major retail centers within a 10-minute drive, thus, 400+ individual stores and a roster of dining options such as Row 34, Tuscan Kitchen, The Bancroft, Capital Grille, King's and Yard House. Additionally, the campus benefits from its proximate location to approximately 2.5 million square feet of future retail space in Burlington, Massachusetts, which offers a vast amount of entertainment options close by.
About Camber Development
Camber Development is a Boston-based real estate investor and developer with an entrepreneurial spirit and institutional capital support. With a focus on logistics, advanced manufacturing and life science properties, Camber strives to capitalize on the convergence of these industries within it growing portfolio and facilitate the growth and operations of its customers. The firm was founded in 2020 and has acquired nearly 3 million square feet of innovative industrial real estate, including approximately 600,000 square feet currently under development. For more information visit camberdev.com.
About Wheelock Street Capital
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII and its first perpetual life fund, Wheelock Street Long Term Value Fund. Wheelock's investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 15-year track record of demonstrated and consistent outperformance over industry benchmarks. For more information visit wheelockst.com.
About Newmark
Newmark Group, Inc. (NASDAQ:NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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SOURCE Camber Development