Lightstone has expanded its national life science footprint with the acquisition of 100 Technology Way, a Class A cGMP biomanufacturing facility in Smithfield, RI. The company purchased the property from Davis for $68 million as part of its ongoing strategy to scale a portfolio focused on biomanufacturing, research and development, and technology-oriented assets.
The facility totals 122,507 square feet and is fully leased to Organogenesis, providing the buyer with a stabilized, single-tenant asset in the biomanufacturing segment of the healthcare and life sciences market. The building is described as a specialized, Class A cGMP property, aligning with sector demand for high-quality, compliant space that can support advanced manufacturing requirements.
In commenting on the transaction, Mitchell Hochberg, president of New York City-based Lightstone, framed the deal as part of a broader, deliberate expansion of the firm's life science platform. He noted that strong demand for biomanufacturing, R&D and technology-focused facilities is guiding the company's investment focus and that acquiring 100 Technology Way provides an opportunity to add a highly specialized asset in what he characterized as one of the nation's most established biotech hubs.
The transaction was brokered by Newmark's capital markets team. The team was led by Rob Griffin, Jim Tribble, Sam Hallowell, Tyler McGrail and Tyler McGrail and Will Sleeper, who handled the sale between Davis and Lightstone. No additional financial terms, such as yield metrics or financing details, were disclosed in connection with the closing.
With this purchase, Lightstone has grown its life sciences platform to more than 1.2 million square feet across eight assets nationwide. The addition of the Smithfield property increases the firm's exposure to the biomanufacturing segment and further concentrates its portfolio in fully leased, modern life science facilities. The acquisition also underscores continued investor interest in well-located, specialized life science properties backed by established tenants.
