Barings has acquired a 144,000sqft life-science building in the Boston suburb of Bedford, Massachusetts, for $132m (€123m).

The class-A, two-storey building One Patriots Park was sold by real estate investment firm Jumbo Capital Incorporated.

It is fully leased to four tenants and contains modern buildouts, including Biosafety Level 2 and 3 laboratories.

Barings intends to renovate the remaining first-generation lab space.

“This investment is a fantastic addition to our platform and illustrates Barings’ commitment to sourcing diversified opportunities in specialised asset classes,” said Kevin Miller, head of real estate acquisitions, Eastern US at Barings.

“This acquisition represents our core real estate investment strategy and we’re excited about future opportunities to generate value through additional conversion to lab and mark-to-market leasing opportunities.”

The building is located in the Route 128 life sciences cluster and is adjacent to the Minuteman Commuter Bikeway, a 10-mile bicycle path to Cambridge.

“One Patriots Park was completely redeveloped in 2019, with supplemental infrastructure added by the seller,” said Samantha Hallowell, managing director in Newmark’s Boston capital markets group.

“These upgrades enable the asset to support a full range of state-of-the-art laboratory requirements for its in-place tenancy while ensuring its future adaptability.”