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The $21.5 million acquisition of a Watertown industrial property will give Griffith Properties an opportunity to convert the building into life science space.
Griffith Properties and a fund controlled by DRA Advisors plan a gut renovation of 580 Pleasant St., a 2-story, 145,000-square-foot flex building, and conversion into class A lab space.
Cambridge-based Associated Brokerage Group’s Bernard Gibbons and Stephanie Deering represented the sellers, owner-occupier Fluid Management Systems Inc., and procured the buyer.
Watertown’s lab market has grown from just 270,000 square feet in 2015 to over 1.1 million square feet in 2020, according to ABG.
The conversion is expected to be complete in mid-2022.
