Calare Acquires 915,000 SF Office and Lab Complex in Wallingford, CT
February 14, 2018
Calare Properties, (Calare) a private Massachusetts-based real estate investment firm and operator, announced today that it has acquired the 915,000 SF
state-of-the-art R&D and office complex, located at 5 Research Parkway in Wallingford, a town in New Haven County, Connecticut. The seller was
represented by Jim Panczykowski, working on behalf of Binswanger Management Corporation. The corporate seller and user will be vacating the property
5 Research Parkway is centrally positioned just north of New Haven between New York City and Boston, located immediately off Exit 15 of I-91 at the junction
of Route 68. Home to eight prestigious colleges and universities, including Yale University and Wesleyan University, this region of Connecticut has
become hyper-focused on expanding bioscience and pharmaceutical development, seeing tremendous growth over the past decade within these sectors. Set
on a total of 180 acres, the corporate campus is situated around the 830,000 SF main office and lab complex and is supported by outer buildings including
a materials handling facility, a central utility plant and a child development center. Notable amenities include a Laboratory Grade Reverse Osmosis
system, a Co-Generation plant with 4.7MW generator capacity, a state-of-the-art lecture hall, a helipad, a full-service cafeteria, renovated fitness
center, scenic nature trails, a secured perimeter, and a total of 1,405 parking spaces. Designed for beauty and efficiency, the employee-friendly campus
has been continuously upgraded for superior energy efficiency with over $30 million in recent site improvements.
Calare sees exciting leasing potential for both office and pharmaceutical/biotech tenants as well as new development opportunities for a variety of uses
“5 Research Parkway provides an unparalleled opportunity for companies in the pharmaceutical, biotech, manufacturing, healthcare and service industries
seeking a facility in the Southern Connecticut region. The extensive acreage and unique physical layout of the campus can accommodate a multitude of
uses in addition to potential re-development to meet the needs of future tenants,” stated Bill Manley, CEO of Calare Properties.
About Calare Properties
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real
estate for the economic benefit of their investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over
18.5 million square feet of properties representing $850 million in transactions through funds, direct deals and a multi-asset portfolio. Further information
is available at www.calare.com.