February 27, 2020
Hobbs Brook Management acquired life science campus Ledgemont Technology Center in Lexington, MA from a group of investment partners including the Beal Company and Boston Andes Capital. The purchase price was reported as $112 million.
“Greater Boston leads the world in breakthrough life science and biotech research,” said Sam Schaefer, president and CEO, Hobbs Brook Management. “The most innovative companies want to be here at the epicenter of discovery, and this acquisition allows us grow our existing footprint in this expanding sector.”
The 187,000-square-foot Ledgemont Technology Center sits adjacent to Hobbs Brook’s 95 Hayden Ave in Lexington, and nearby the company’s ongoing development project at 225 Wyman St. These new projects, along with a two-million-square-foot campus in Waltham, make Hobbs Brook the largest owner in the Waltham/Lexington market.
Hobbs Brook represented itself in the transaction. The seller was advised by JLL’s Frank Petz—now with Colliers—and Matthew Sherry.
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