Square Mile Capital Management LLC today announced that it has originated a construction loan 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 Partnerson 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 sponsorin a market with strong life sciencesfundamentals. The propertyis strategically positionedin theBurlington 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 sciencesspace.”
Three Burlington Woodsis situated in an accessible campus park setting along the Route 128 / I-95 suburban life sciencescorridor, 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.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
