EQT Exeter announced two sales July 27. On the West Coast, the firm sold a 196,000-square-foot tech property in San Jose for $528 per square foot. On the East Coast, it announced the sale of a 117,022-square-foot life sciences building in Bridgewater.
Insmed‘s headquarters, which also supports its R&D and lab facility, was sold to Maxim Properties for $39 million, EQT Exeter said—or $333 per square foot.
The Pennsylvania-based seller said it acquired the property at 700 U.S. Highway 202/206 in Bridgewater in 2017 for $6.1 million.
According to the real estate investment firm, global pharmaceutical company Insmed signed a 12-year lease for the property during its construction. That 18-month process saw the complete renovation of the site, which was stripped to its foundation and structural steel and rebuilt as a Class A life sciences space. In light of COVID-19, EQT Exeter said HVAC systems, hands-free activation in restrooms and outdoor areas were installed.
In a statement, EQT Exeter Head and Partner Ward Fitzgerald emphasized the importance of the sales as it relates to the sectors the firm represents.
“These transactions demonstrate our growing leadership position in the tech and life science sectors,” he said. “The teams created future-proofed, sustainable properties, while adding significant value for all stakeholders. Looking ahead, we are thrilled to be able to capitalize on synergies with EQT Ventures and the new EQT Life Sciences platform and we continue to leverage new opportunities through EQT Exeter’s latest investment vehicle focused on office, life science and tech spaces in innovation and growth submarkets of the U.S., coast to coast.”