Image courtesy of KSID

Boston-based Triad Group sold a newly-completed lab project in Watertown to Shannon Life Sciences, a Cambridge-based venture capital investor that will occupy the 74,670-square-foot building as its new U.S. headquarters.

The sales price was $55.7 million, according to a Middlesex County deed. Shannon Life Sciences plans to build out speculative suites for companies in its portfolio and future investments, according to an announcement by The Triad Group.

Located at 23 Elm St., the project was designed by KSID Architecture and built by Consigli Construction. Shannon Life Sciences is currently located at 125 Cambridgepark Drive.

“While the real estate market and biotech VC have experienced fluctuations, one constant remains: the long-term innovation and growth in the Boston market. With this in mind, we have committed to embedding ourselves in the local community of scientists and innovators through our acquisition of Elm Street Labs in our efforts to support the development of life changing therapies for patients and families across the globe,” Shannon Life Sciences Venture Principal Spencer Kimber said in a statement.

Newmark’s capital markets team advised Triad in the sales process.