Property is 100% Leased to Zimmer Biomet
SAN MATEO (April 26, 2021) Clarion Partners Real Estate Income Fund Inc. (CPREIF) has acquired a 58,935-square foot biopharmaceutical facility located on more than three acres at 55 Messina Drive in Braintree, MA. Clarion Partners, LLC (“Clarion Partners”), a leading U.S. real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
The property – which features six wet labs, temperature-controlled rooms, a new water filtration system and 18.5’ ceiling heights –is a life science good manufacturing practices (GMP) facility and is 100% leased to Zimmer Biomet, a global leader in musculoskeletal healthcare.
“This is a great opportunity to purchase a strategically located property with an established tenant in this hot industrial submarket,” said Clarion Partners Managing Director Onay Payne. “Twenty-two of the 25 largest biopharmaceutical companies have a presence in the greater Boston area, and Braintree, where this property is located, lies in the world’s largest cluster of life science and biotech companies.”
GMP laboratories, which follow and systematically document adherence to GMP regulations, are governed by the U.S. Food &Drug Administration (FDA) to ensure the safety and integrity of drugs. GMP facilities support the biomanufacturing life cycle from initial small batch clinical trials through to commercial production and cover all aspects of production including the materials, premises, equipment, training and personal hygiene of the staff.
“We are very excited for the Clarion team on this acquisition,” said Scott Dragos, Executive Vice President of CBRE Capital Markets, which brokered the transaction. “There is significant demand for quality biomanufacturing space, both from tenants and investors alike, with very little product available to satisfy that demand. The property at 55 Messina is a state- of-the-art GMP facility with a long-term tenant with solid credit, but what makes this opportunity so unique is that this facility is already configured for clinical trials in compliance with FDA requirements.”
The property is located close to I-93 and I-95, providing convenient access to the greater Boston area, including downtown Boston (13 miles), Cambridge (18 miles) and Waltham (24 miles). Braintree’s Red Line station within Boston’s subway system, commonly called the T, is located approximately three miles from the property, providing direct access to Cambridge, a nexus of life science and biotech companies that is also the home of Harvard University and the Massachusetts Institute of Technology (MIT).
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CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The fund’s investment manager, Legg Mason Partners Fund Advisor, LLC, is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and the fund’s investment subadviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the fund’s securities sub-adviser, Western Asset Management Company, LLC, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the fund’s complete audited financial statements are available free of charge upon request. More information about CPREIF is available here.
About Clarion Partners
For nearly four decades, Clarion Partners has managed real estate on behalf of many of the world’s largest and most well-known institutional investors. Through CPREIF, individual investors can tap into Clarion’s expertise and track record. Its funds geared toward individuals are managed in the same disciplined manner as its institutional assets, and with the same focus on creating value through superb execution.
Headquartered in New York, Clarion Partners maintains strategically located offices across the United States and Europe. With more than $56 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 institutional investors across the globe. Clarion Partners is an independent subsidiary of Franklin Templeton.
About Franklin Templeton
Franklin Resources [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, alternatives and custom multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and approximately $1.5 trillion in assets under management as of March 31, 2021. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.