Additional $65M in Financing Secured for Burlington Woods Lab Conversion Project

Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a construction loan worth $65,025,000 to finance the previously reported acquisition and life sciences conversion of Three Burlington Woods, a 175,000 square foot office building in Burlington, MA. The loan was made to an affiliate of GI Partners on behalf of its Essential Tech + Science Fund.

Square Mile Capital Principal David Greenburg commented, “This transaction resulted from a compelling opportunity to provide financing to an experienced sponsor in a market with strong life sciences fundamentals. The property is strategically positioned in the Burlington submarket of the Greater Boston MSA, a haven for the life sciences sector. We expect to be well received by the market upon completion of conversion due to Burlington’s low vacancy, high net absorption, and investors’ continued investment in
the life sciences space.”

Three Burlington Woods is situated in an accessible campus park setting along the Route 128 / I-95 suburban life sciences corridor, just 15 miles from Cambridge. Upon completion of conversion, the property is expected to feature state-of-the-art lab infrastructure, flexible floorplates of approximately 41,000 square feet each, ample parking, and other attractive on-site amenities. The redevelopment of the property is anticipated to be completed by the end of 2023 and will include a pre-built lab component.