Shorenstein JV Pays $96M for Boston R&D Campus

Shorenstein Investment Advisers has teamed up with Tritower Financial Group to acquire The Xchange, a 480,000-square-foot office and R&D complex in Bedford, Mass., for $96 million. The new ownership also secured $50 million in acquisition financing provided by Barings, according to CommercialEdge.

The seller was Jumbo Capital Management, which previously purchased the office campus for $107.8 million in 2018, according to the same source.

The XChange is 99 percent occupied by a mix of tenants including iRobot, Nyobolt, Entegris and Quanterix. JLL’s Senior Managing Director Christopher Lawrence and Executive Managing Director Matt Daniels have been tapped to lease the remaining space at the property.

An eight-building innovation campus, The XChange is at 8 Crosby Drive, within Boston’s Merrimack Valley West submarket. Situated on 22 acres, the complex provides easy access to Massachusetts Route 3 and to Interstate 95, while being 21 miles from downtown Boston and Boston Logan International Airport.

Developed in 1968 and completely upgraded in 2017, The XChange buildings range between two and three stories. The properties feature loading docks, passenger elevators and 760 vehicle parking spots.

The amenity package contains a fitness center with a yoga studio, a modern café and outdoor seating spaces. The partnership plans to further enhance the property and add 70,000 square feet of R&D space.

Boston’s office investment activity

Since the start of the year, Boston’s office transaction volume placed it among the top-performing markets in the U.S., according to a recent CommercialEdge report. The metro recorded $2.5 billion in sales and ranked fourth, with office assets trading at an average sale price of $259 per square foot as of January. The value is the seventh-highest among the top 25 markets covered by CommercialEdge.

In late 2024, Norges Bank Investment Management purchased interests in two office properties in the area, as part of a larger deal. The bank paid $976.8 million for a 50.1 percent stake in a 3.7 million-square-foot office portfolio that included assets in Boston, San Francisco and Washington, D.C.