News: Front Section
Posted: March 9, 2018
Carroll, Woelfel and Brawley of Colliers International represent seller in $4.55 million sale
Hopkinton, MA According to Colliers International, executive vice president John Carroll III, senior vice president Stephen Woelfel Jr. and assistant vice president Kevin Brawley represented seller, BCC Property I, LLC (a subsidiary of Midway Corp.) in the sale of a 69,009 s/f building at 35 South St. LakePharma, Inc., a U.S.-based biologics company, purchased the building for $4.55 million with immediate plans to repurpose much of its existing office, lab, and manufacturing infrastructure and further develop it to perform GMP biologics manufacturing for Phase 1 clinical trials.
“Several GMP manufacturing groups had expressed great interest in the building,” said Woelfel. “It has great bones for that use and we are excited that LakePharma embraced the opportunity to leverage those.”
35 South St. was the long-time home for Stryker Biotech and most recently occupied by Olympus Biotech and Bristol-Myers-Squibb before becoming fully vacant. Though Colliers was originally seeking tenants to backfill the space, the overwhelming amount of interest from manufacturing groups with heavy buildout requirements ultimately resulted in compelling disposition conversations. JLL’s Phil DeSimone represented LakePharma in the transaction.
Colliers International Group Inc. is an industry-leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 12 consecutive years, more than any other real estate services firm.
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