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Lightstone to buy North Reading office building leased to Amazon Robotics
The $43M purchase follows Lightstone rival Atlantic Management buying it for $20M in 2021, according to an Avison Young report.
Lightstone Group has agreed to acquire a 139,000 square foot office building at 400 Riverpark Drive in North Reading, New York-based Avison Young reported, with the deal valued at $43M from Atlantic Management.
The property had been leased to Amazon Robotics, which has operated in the building for more than a decade. Atlantic Management signed a full-building lease with Amazon Robotics less than a year ago, and the robot-maker renewed and expanded its lease at the end of last year, moving from occupying under 41,000 SF into the rest of the building, according to CoStar.
Amenities at the site include a yoga studio, fitness room, barista bar and open seating area, and the building also hosts Bright Horizons daycare with a separate entrance. The sale was confirmed by a CBRE broker, though the broker declined to comment further, and the transaction was not yet reflected in property records.
Bisnow reports the building is part of a master-planned campus that includes six other buildings. Atlantic still owns a nearby biomanufacturing facility at 200 Riverpark Drive home to Takeda Pharmaceuticals, and Lightstone has been expanding its New England portfolio, with recent acquisitions including a $68M Rhode Island manufacturing facility and a $16.5M life sciences building in Burlington.