#USA #Bedford #Shorenstein #Tritower #The XChange

Shorenstein and Tritower Acquire The XChange

In a significant move for the Boston real estate market, Shorenstein Investment Advisers and Tritower Financial Group have announced their acquisition of The XChange, a cutting-edge research and development office park located in Bedford, Massachusetts. The acquisition marks an important milestone in the growing demand for innovation hubs in the region, particularly focused on advanced manufacturing and technology.

The XChange, an expansive 480,000-square-foot facility, consists of eight modern buildings situated strategically on Route 3, adjacent to the Route 128 interchange. This location positions it centrally within the vibrant innovation landscape of greater Boston, catering particularly to companies engaged in advanced manufacturing and technological innovation.

A Hub for Innovation

The property stands out for its inherent capacity to attract leading innovation talent thanks to its robust amenities and facilities tailored for modern research and development needs. With features such as high ceilings, substantial power capabilities, and multiple loading docks, The XChange offers an environment conducive to cutting-edge work. Additionally, it boasts amenities typically found in top-tier office parks, including a modern café, a fitness center with yoga and CrossFit facilities, and ample parking spaces.

The campus is currently 99% leased, housing a mix of dynamic tenants from various sectors, including robotics, diagnostic instruments, battery development, and advanced materials technology. Notable names include iRobot, Quanterix, Nyobolt, and Entegris. This diverse tenant mix underscores The XChange's role as a vital player in the regional innovation ecosystem.

Future Development Potential

Notably, the acquisition not only secures a fully-leased asset but also opens up additional development opportunities at The XChange, with an available capacity for an additional 70,000 square feet. This aspect is expected to support further growth and flexibility for prospective tenants, addressing the continuous demand for innovative spaces in Boston's burgeoning tech landscape.

Sean Fay, Vice President at Shorenstein, expressed enthusiasm regarding the acquisition, highlighting its strategic importance. "We're thrilled to invest in The XChange alongside our partners at Tritower. This property represents a unique opportunity to enhance a fully leased, ultra-modern R&D campus in a market characterized by growing tenant demand. Our goal is to support the success of our current and future tenants while contributing positively to the greater Boston community."

Tod Brainard, Chief Investment Officer at Tritower, echoed this sentiment. He noted that the R&D market in Boston has seen substantial growth over the past five years, and office spaces are recovering post-pandemic. "Investing in a campus where the creators of the next significant technologies can thrive is truly exciting. This investment reaffirms our belief in the robust innovation economy of greater Boston and its long-term prospects."

About Shorenstein and Tritower

Shorenstein owns and operates a diverse portfolio of high-quality office, residential, and mixed-use properties across the United States. The firm has made significant acquisitions since its inception, amounting to roughly $19.5 billion in assets. Tritower, founded in 2014, specializes in acquiring and managing high-quality office and research properties, focusing on stable, income-generating investments within prime markets.

The collaboration between Shorenstein and Tritower aims to leverage their combined expertise and capital to enhance The XChange and contribute to the innovation-driven economy in Boston, ensuring that tenants have access to premier R&D facilities.

For further information about The XChange or inquiries related to leasing, interested parties can reach out to representatives from JLL, such as Christopher Lawrence and Matt Daniels, at their official contact details.