Canadian real estate group pays $151M for three Framingham buildings
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1-5 Mountain Road in Framingham
Oxford Properties, a Canadian real estate firm, has acquired three Framingham properties for a cumulative $151 million, according to public records.
The three properties include one facility at 33 New York Ave., which sold for $56 million, and two at 1-5 Mountain Road, which sold for $95 million. All deeds were recorded on Dec. 7.
Life science real estate firm King Street Properties, which maintains offices in New York City and Boston, and Washington, D.C. investment firm The Carlyle Group bought the properties in 2018 and 2019.
The 33 New York Ave. property, a former GateHouse Media newsroom and printing facility, was purchased by the two firms in 2018 and expanded from 91,452 square feet to a 113,527 square-foot bio-manufacturing and research and development space, according to a press release from Carlyle.
1 and 5 Mountain Road, located in Framingham Technology Park, was purchased from Sanofi Genzyme, which still occupies the space, and will for two more years.
“Our success with both of these assets confirms our confidence in the long-term strength of the life sciences real estate market, and the specific need for biomanufacturing space in our state,” said Thomas Ragno, principal at King Street Properties, in a statement.
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