Hobbs Brook Management today announced the acquisition of Ledgemont Technology Center in Lexington, Massachusetts from a group of investment partners including the Beal Company and Boston Andes Capital. Ledgemont has long been managed by Related Beal.
“Greater Boston leads the world in breakthrough life science and biotech research,” said Sam Schaefer, President & 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 Ledgemont Technology Center sits adjacent to another Hobbs Brook property at 95 Hayden Ave in Lexington, and is less than two miles from the company’s ongoing development project at 225 Wyman Street in Waltham, which will add more than 250,000 SF of life science lab space to a market with strong demand and limited vacancy. These new projects, in addition to a 2M SF campus in Waltham, make Hobbs Brook the largest owner and property manager in the Waltham/Lexington market.
A leader in attracting growing and established companies, Ledgemont Technology Center offers 187,000 SF of newly renovated, first-class life science, office and technology space through five interconnected buildings. The site’s amenities include a structured parking garage, a “Collaboration Center” that offers a dedicated conference center, a “grab-and-go” café and a spacious lounge area with interior seating, as well as an exterior patio.
Located a quarter mile from the intersection of Routes 2 and 128 and offering shuttle service to the MBTA’s Red Line and Lexington Center, Ledgemont provides state-of-the-art space for New England’s growing life science and technology companies in a prime location.
Hobbs Brook Management represented itself in the transaction and the seller was represented by Frank Petz and Matthew Sherry of JLL.
About Hobbs Brook Management LLC
Hobbs Brook Management is a service-oriented developer and operator of office and life science space who focuses its efforts on satisfying the individual needs of customers that lease within their campuses. As a provider of Class A business solutions to companies large and small, Hobbs Brook builds sustainably, maintains an on-site facilities management staff, and develops or renovates projects for energy efficiency, LEED certification, and the preservation of the local environment. With portfolios throughout Massachusetts and Rhode Island, in Atlanta and Chicago and Singapore, Hobbs Brook offers competitive amenities, on-site catering and dining facilities, fitness centers, and a full-service conference center available to tenants and the public. For leasing options or additional information, please visit www.hobbsbrook.com.
