Boston Properties has sold a stake in two new Kendall Square lab projects to the world's largest sovereign wealth fund, signaling continued investor interest in the life sciences sector despite the market's slowdown this year.

The real estate investment trust announced Tuesday it agreed to sell a 45% interest in the under-construction projects at 290 and 300 Binney St. to Norges Bank Investment Management in a deal that values the properties at roughly $1.66B, or $2,050 per SF.

Norges is investing $746.4M in the properties, which total 810K SF and are fully pre-leased.

“We are delighted to deepen our longstanding partnership with Norges Bank Investment Management,” Boston Properties CEO Owen Thomas said in a release. “Their meaningful investment in BXP’s newest life sciences development in the heart of Kendall Square demonstrates the value placed by investors on well located, well leased premier workplaces with strong stewardship.”

NBIM is investing $212.9M in 300 Binney St. and $533.5M in 290 Binney St., according to the release. Boston Properties said it will maintain 55% ownership of the properties and will provide development, property management and leasing services.

Boston Properties secured a full-building, 570K SF lease with AstraZeneca in 2022 at 290 Binney St. The biotech company is expected to occupy the space in April 2026. The Broad Institute earlier this year signed a full-building lease at 300 Binney St., which will comprise 240K SF. The company is expected to occupy the space in January 2025.

300 Binney St. is being redeveloped from office to lab space after biotech company Biogen's lease was terminated at the site last year. That termination came after Biogen laid off employees and put the space on the sublease market.

Boston Properties' Cambridge footprint also includes its 2.6M SF Kendall Center mixed-use portfolio, which consists of 11 properties and 280 residential units, and 125 Broadway, which the company acquired in a $592M sale-leaseback deal last year as part of Biogen's consolidation plan.

NBIM, which manages Norway's $1.4T pension fund, the largest sovereign wealth fund in the world, has done another big deal with Boston Properties in recent months as it ramps up its investment in U.S. commercial real estate. In September, NBIM bought a 45% stake in Boston Properties' 49-story, 900K SF office project near Grand Central Station.

“The investment aligns with our long-term strategy, and we are delighted to strengthen our partnership with BXP in a sector where we have high conviction,” NBIM Chief Real Assets Officer Mie Holstad said in the release about the Kendall Square deal.