A123 Systems Acquires Life Sciences Lab At 10 Corporate Drive Burlington For $19.8M

A123 Systems has purchased a life sciences asset located at 10 Corporate Drive in Burlington, MA. The property encompasses 115,000 square feet and was acquired for $19,836,500, reflecting a price per square foot of $172. This transaction marks a significant discount from the property's 2021 purchase price of $42 million.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $19,836,500
• Address: 10 Corporate Drive
• Market: Burlington, MA
• Square Footage: 115,000
• Price per Square Foot: $172
• Buyer: Mujeeb Ijaz - A123 Systems
• Seller: David M. Gutierrez - Gutierrez Co.

The acquisition signifies a shift in the Greater Boston lab market, demonstrating the effects of rising vacancies and oversupply influencing office-to-lab conversions. Mujeeb Ijaz is representing A123 Systems in this transaction, while David M. Gutierrez represents Gutierrez Co. in the sale.