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
