EXQ Exeter said Wednesday that it closed two recent sales in the life science and tech spaces — one on each coast, including a Bridgewater headquarters facility — totaling over $140 million.
On the East Coast, the firm closed a $39 million deal with Maxim Properties in Bridgewater for a site that serves as biotech company Insmed’s headquarters. The 117,022-square-foot facility supports Insmed’s research & development and lab facility.
The team acquired the New Jersey property in 2017 for $6.1 million. Insmed signed a 12-year lease for the building during construction. Over 18 months, the team renovated the property and stripped the buildout down to the structural steel and foundation and rebuilt it into a Class A space for life science use. It also installed new health features, including HVAC systems, hands-free activation in restrooms, and outdoor areas, in light of COVID-19.
Separately, EQT Exeter also sold a 196,000-square-foot tech facility to Cortese Properties and La Fiesta Square for $103.8 million in San Jose, California. The building is currently leased to lightweight lithium-metal battery maker QuantumScape Battery.
The San Jose property was acquired in 2020 for $36.2 million. QuantumScape signed a 15-year lease for the building in 2021.
“These transactions demonstrate our growing leadership position in the tech and life science sectors. Few, if any, of our private equity real estate peers can boast our 30-year track record in the life sciences, technology and flex spaces in the U.S. and Europe,” Ward Fitzgerald, partner and head of EQT Exeter, stated. “The teams created future-proofed, sustainable properties, while adding significant value for all stakeholders. Looking ahead, we are thrilled to be able to capitalize on synergies with EQT Ventures and the new EQT Life Sciences platform and we continue to leverage new opportunities through EQT Exeter’s latest investment vehicle focused on office, life science and tech spaces in innovation and growth submarkets of the U.S., coast to coast.”