True North Management Group and Celera Properties to make life sciences conversion

A partnership between True North Management Group and Celera Properties has received $35.34 million in financing for the acquisition and repositioning of a 233,726-square-foot, two-building R&D/office portfolio into a life sciences campus in the suburban Boston community of Andover, Mass.

The portfolio consists of the buildings at 300 and 600 Federal Street, two steel-frame 1990’s vintage buildings with large floorplates, high ceiling heights, ample loading capacity, abundant natural light and robust existing infrastructure. Ownership is undertaking lab-ready, base-building upgrades and building out speculative lab suites to support state-of-the-art lab and/or GMP manufacturing space for initial occupancy in the fourth quarter of 2022. The buildings and the surrounding park are already home to numerous high-growth science and technology companies.

The properties are located in Andover, a rapidly growing suburban life sciences market anchored by well-known pharmac