Bain Capital and Botanic Properties Acquire Greater Boston Property for Biomanufacturing Conversion

BOSTON & NEW YORK--(BUSINESS WIRE)--Bain Capital’s Real Estate team (“Bain Capital”) and Botanic Properties (“Botanic”), a real estate investment and development firm focused on addressing the unique needs of the biomanufacturing industry, today announced the acquisition of 45 Crosby Drive in Bedford, Massachusetts. The investment is being made by GenesisM, a specialized real estate platform dedicated to developing purpose-built biomanufacturing facilities. Financial terms of the purchase were not disclosed.

Bain Capital and Botanic formed GenesisM to offer life science tenants a best-in-class real estate solution for their clinical and commercial manufacturing needs. GenesisM’s Enhanced Core design delivers a robust initial build-out that reduces tenant fit out time and construction costs. The design allows companies to better align their manufacturing spend and scale with product maturity while shortening the lead time for facility delivery.

The redevelopment of 45 Crosby Drive will transform the property into an approximately 154,000-square-foot, state-of-the-art Class A biomanufacturing facility designed to meet the specialized needs of leading biotech companies. The facility will feature industry leading specifications including 12,000 amps of incoming electrical power, 27-foot ceiling heights, up to 18 loading berths, 40’ x 40’ column spacing, and a strategic delivery that will allow multiple tenants to operate highly regulated independent facilities. The property is situated on a prominent 15-acre site along the Route 3 corridor, which is home to a cluster of life science, manufacturing, and technology companies; providing convenient access for a regional workforce and to the heart of Kendall Square, one of the world's leading biotech hubs.

“We developed the strategy for GenesisM to support biomanufacturing tenants struggling with high capital costs, long construction timelines and lack of access to purpose built biomanufacturing space at the right scale for their needs,” said Joe Marconi, Partner at Bain Capital. “This is an exciting and meaningful opportunity to leverage our deep experience in life science real estate to deliver purpose-built facilities designed with a true understanding of the needs of the end users, while addressing the primary pain points for tenants in today’s market – capital efficiency and speed to market. We look forward to the continued growth of GenesisM with our partner Botanic Properties as we work closely to position 45 Crosby Drive as a premier destination for biopharmaceutical companies seeking modern, efficient, and flexible manufacturing space.”

Bain Capital’s Real Estate team has invested in over 7 million square feet of life science real estate since 2013 and currently owns and operates a portfolio of over 5 million square feet in key strategic U.S. life science markets.

“Botanic is fortunate and proud to have found a partner in Bain Capital that truly understands the real estate needs of the life science industry,” said Joshua Zinns, Managing Principal of Botanic Properties. “Their commitment to the industry and market insights derived from across the firm’s healthcare platform give us the ability to design and deliver world class biomanufacturing assets and to take a long term, strategic approach to delivering solutions for our tenants.”

About GenesisM

GenesisM is a life science cGMP biomanufacturing brand that leverages the deep experience and global breadth of its owners to provide flexible, scalable solutions for growth stage biotech, CDMO and pharmaceutical companies, allowing end users to better align their biomanufacturing spend with drug maturity. GenesisM builds upon Bain Capital’s existing life science R&D real estate strategy (Genesis) and decades of leading experience in the Healthcare and Life Science industries, combined with Botanic Properties’ pioneering Enhanced Core design for cGMP biomanufacturing. GenesisM is focused on delivering best-in-class facilities that streamline operations with a cost-effective, infrastructure-ready approach, with the aim of adding efficiency and supporting expedited tenant growth and speed to market.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com/.

About Botanic Properties

Botanic Properties was founded in 2016 as a New York-based real estate investment and development firm focused on addressing the unique needs of the life science industry. Botanic has current operations in New York, Philadelphia and Boston. The Company’s methodology for deal sourcing, underwriting and project execution is rooted in a multidisciplinary approach that prioritizes bottom-up market analysis, the technical study of tenants’ MEP and programmatic requirements and continuous improvement of design solutions for industry-driven planning and space needs.

Botanic has developed an entirely differentiated approach to delivering cGMP biomanufacturing space that focuses on addressing tenant pain points, including speed to market, security, confidentiality, flexibility and affordability.

In 2023, Botanic Properties and Bain Capital Real formed GenesisM, a new real estate operating platform with a mission to invest in, deliver and manage purpose-built biomanufacturing real estate. GenesisM’s initial focus has been in the Greater Boston market, given the City’s mature R&D market and substantial unmet need for clinical and commercial stage biomanufacturing space.