Biotech campus next to former Staples HQ sells for $93M

Photo | Newmark The 9/90 Corporate Center in Framingham

Write a Comment

By Katherine Hamilton

The 9/90 Corporate Center, a four-building office and lab campus in Framingham, sold for $93 million in a multi-property deal closed on Wednesday, Newmark Group, Inc., who brokered the deal, announced.

The property was sold by National Development, a real estate firm in Newton which has owned the campus since the late 1990s, according to the Middlesex South District Registry of Deeds.

Outshine Properties and Jadian Capital acquired the property as partners, according to Newmark’s press release.

Outshine is a New York real estate firm specializing in life sciences. It was founded in 2020 by Jonathan Scheinberg and Bill Hunter, who both previously held positions at Thor Equities, a global real estate developer based in New York. Jadian was founded in 2017 and is New York-based.

Totaling more than 400,000 square feet, the campus is 80% leased with 12 tenants in the life science and technology industries.

175 Crossing Blvd., a 127,500-square-foot office building, sold for $37.5 million. Constructed in 1998 and assessed by the City of Framingham at nearly $18 million, the property is used as the headquarters of LFB USA, Inc., a biotechnology manufacturer.

200 Crossing Blvd. is similar to 175 Crossing Blvd. in size and assessed value, but sold for $10 million less than its neighbor. It acts as the headquarters for both Boston Heart Diagnostics and Workhuman, which was formerly known as Globoforce. It is also leased to Worcester law firm Bowditch & Dewey.

100 Crossing Blvd. sold for $16.6 million. It is 96,000 square feet, built in 1997, and assessed by Framingha, at $11 million. It is leased to HealthDrive Corp., which moved from Wellesley in 2019, human services nonprofit the Providers' Council, and the Massachusetts office of Emerald, a marketing and exhibition planner.

200 Staples Dr. sold for $10.3 million. The property neighbors the former headquarters of office retailer Staples, which was located at 500 Staples Dr. until it sold its headquarters for $165 million in February 2020. It is about 55,000 square feet and assessed by Framingham at $6.8 million.

“9/90 Corporate Center’s in-place cash flow is complemented by a prime laboratory conversion opportunity in 200 Staples Drive,” said Mattew Pullen, executive managing director of Newmark’s Boston Capital Markets Group, in the press release. “[The] building is fully available and features reusable infrastructure for life science users.”

A fifth parcel of land between Staples Dr. and Crossing Blvd. sold for $1 million, as well.