Boston’s pharmaceutical sector is headed towards a positive shift with a potential new biomanufacturing plant. In an announcement made on May 7, Bain Capital and Botanic Properties shared details about converting an existing Boston property into a biomanufacturing facility.
Highlights
- A new 154,000-square-foot biomanufacturing facility is set to be built in Bedford, Boston.
- Bain Capital and Botanic Properties have joined hands to transform a Fujifilm property into a biomanufacturing plant.
- The project developers have not shared the names of tenants for the Boston property yet.
Bedford Welcomes New Biomanufacturing Facility
Boston-based investment company Bain Capital recently announced its plans to set up a new biomanufacturing plant at 45 Crosby Drive in Bedford. The new development will be established by transforming the previous Fujifilm property at the site into a 154,000-square-foot biomanufacturing facility.
Through a $26 million investment, Bain Capital purchased the Bedford property in partnership with Botanic Properties.
Features of the Latest Boston Project
The former Fujifilm property is situated on a 15-acre site off Route 3, which is almost 3 miles from Burlington Mall. After receiving approval from the Bedford Planning Board in December 2024, developers initiated the conversion of the Fujifilm facility into a 154,000-square-foot biomanufacturing facility.
The biomanufacturing plant’s developers are focused on revamping the building’s exterior. Additionally, the Boston developers will add a 19,000-square-foot portion by breaking down a 23,000-square-foot section.
Bain Capital and Botanic Properties Join Hands for the Conversion Project
The biomanufacturing facility’s developers made the deal through their real estate platform, GenesisM. This platform was designed by both firms to develop biomanufacturing plants.
Officials of Botanic Properties and Bain Capital claimed that the new development at 45 Crosby Drive would present biopharmaceutical brands with modern, flexible, and efficient solutions.
As of now, no tenant has been named for the Boston site, but biotech companies may pitch in the future.
Growing Investments in Pharmaceutical Vertical Amid a Slowdown
The pharmaceutical industry has experienced a slowdown, shifting focus from real estate to scientific research.
However, many pharma companies have also shared investment plans for expansion and reshoring in U.S. manufacturing. Some examples are Pfizer, AstraZeneca, and Eli Lilly.
The 154,000-square-foot facility promises to be a modern biomanufacturing facility in Boston, which will assist drug manufacturing efforts in the city. Additionally, the Bedford development will welcome biotech firms at 45 Crosby Drive.
