Tishman Speyer and Mitsui Fudosan America, Inc. (MFA) today announced the acquisition of a 60-acre, fully-entitled development site from Analogic Corp. at 8 Centennial Drive in Peabody, Massachusetts.

The site currently consists of a 515,000-square-foot office and manufacturing facility that has served as Analogic’s headquarters for over 40 years. Tishman Speyer and Mitsui Fudosan America intend to transform the outdated facility, utilizing the site’s development potential to create a fully modernized, premier industrial park with four best-in-class warehouse buildings totaling approximately 700,000 square feet.

The Boston area’s industrial market continues to benefit from strong fundamentals, led by demand from e-commerce, logistics and R&D companies that seek proximity to the region’s affluent population of consumers and its vibrant innovation economy. With extremely limited supply and a lack of developable land, the region is in need of newer, higher quality properties. Plans for 8 Centennial are designed to meet this expanding and evolving demand by optimizing the site’s potential in a prime location in the region’s 128 North submarket.

“8 Centennial is the ideal next step for our growing industrial platform,” said Tishman Speyer Managing Director and Head of Industrial Andy Burke. “The site benefits from an infill location, direct highway access and proximity to Boston, one of the Northeast’s most important metropolitan centers. Our team will leverage our extensive development expertise and local relationships to deliver much needed Class A space to the market.”

Tishman Speyer and Mitsui Fudosan America plan to develop four buildings ranging in size from 130,000 to 260,000 square feet. The highly flexible and easily divisible buildings will appeal to multiple customers and a wide range of industrial users. Plans also include approximately 700 parking spaces, 90 trailer storage stalls, and robust power. The site is located directly alongside I-95, offering immediate access and presenting unique signage opportunities.

This marks the third acquisition via the Tishman Speyer-Mitsui Fudosan America Logistics Venture. The joint venture, which was seeded by an initial $500 million commitment from MFA along with co-investment capital from Tishman Speyer, was created in 2022 to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions throughout the U.S.’s major urban centers.

In January, the partnership acquired a 32-acre development site in Irvine, with plans to develop another four industrial buildings. This followed the August 2023 purchase of a last mile warehouse and distribution facility in San Francisco’s India Basin submarket.