MRA Group (MRA) has formed a joint venture partnership with Beacon Capital Partners (Beacon), on Spring House Innovation Park in Lower Gwynedd, PA.
Larry Stuardi, founder and CEO of MRA stated, “MRA has been keenly focused on delivering life science and medical real estate for thirty years, however this is the first time that we have entered into a relationship with a nationally recognized equity partner.” Stuardi went on to say, “our collective leadership teams bonded over having shared core values and an unwavering commitment to fully execute on the vision for Spring House Innovation Park, which is to continue making it the premier suburban life sciences campus in Philadelphia.”
In late December 2020, MRA recapitalized Spring House Innovation Park with Beacon acquiring a majority interest in the partnership that owns the 133-acre campus. This recapitalization provides the capital required to complete the build-out of more than 600,000 square-feet of lab, office and amenity spaces. Through this partnership, MRA retains an equity interest and remains as developer and property manager at Spring House Innovation Park.
Beacon has a long history of owning, operating, and developing high quality properties in major U.S. markets that offer leading-edge design, amenities, and services to help tenants attract and retain talent.
“We’re excited to partner with MRA to transform Spring House Innovation Park into a leading hub of life science innovation,” said Fred Seigel, President and COO of Beacon Capital Partners. “We look forward to growing our partnership with MRA as we explore other opportunities to work together and leverage our respective organizations and expertise.”
In its 30th year of providing real estate solutions in the life sciences, healthcare and education industries – MRA continues to live out its credo, “do well to do good.” MRA’s partnership with Beacon solidifies Spring House Innovation Park’s ability to continue keeping up with the market’s demand for state-of-the-art lab facilities that support innovators, scientists and researchers. Senior Vice President of MRA Phil Butler added, “in addition to Spring House Innovation Park, MRA has several projects in the pipeline where over the next few years we plan to deliver more than 2 million square feet of innovation space for companies in the life sciences, biotechnology and cell and gene therapy industries to occupy.”
About Beacon Capital Partners
Beacon Capital Partners is a tenant-focused private real estate investment firm with a 75-year legacy of successful real estate development, ownership and management. Beacon invests in high-quality office properties in core urban markets with highly educated workforces. Our hands-on approach transforms these properties for today’s tenants, with innovative design, state-of-the-art connectivity, modern amenities, and award-winning sustainability and risk management initiatives. From Fortune 100 firms to the leading innovative and growth companies, our tenants are proud to call our distinctive workplaces home. Beacon has raised over $17 billion in equity for nine investment vehicles as well as multiple joint ventures and co-investments since 1998 from a diverse investor group including endowments, foundations, public, private and foreign pension funds, financial institutions, and sovereign wealth funds. This equity has fueled nearly 180 office investments with a projected total value of nearly $45 billion (including leverage and JV partner equity). For more information, visit www.beaconcapital.com