The 211,600 square-foot Genzyme facility in Northborough has been sold for $17.5 million.
The property, which sits on 18 acres at 11 Forbes Road, was purchased by Glastonbury, Conn.-based Cornerstone Real Estate Advisers on behalf of an instutional pension fund. Cornerstone purchased the property from a partnership of ING Clarion and Leggat McCall Properties
Cushman & Wakefield’s Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr., David J. Pergola and Christopher T. Griffin exclusively represented the seller and procured the buyer.
Originally completed in 1988, the property is undergoing an extensive renovation at a cost to Genzyme which is estimated to exceed $60 million.
Once upgrades are complete, the property will serve as a high-end final assembly and distribution facility for worldwide shipment of Genzyme products.
