Healthpeak Properties Pays $180M For 185K SF Alewife Campus
A combined 229K SF of office space in the hot Alewife market has been scooped up for $180M by a life sciences REIT.
California-based Healthpeak Properties bought the Cambridge Highlands Campus four-building portfolio from Clarion Partners last month, according to Middlesex County land records. The offices range from 8K SF to 85K SF on Concord Avenue, Moulton Street and Fawcett Street, according to Cambridge’s property database.
Representatives for Clarion Partners and Healthpeak Properties didn’t respond to requests for comment Tuesday.
Clarion was represented by the Newmark team of co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and Michael Byrne and Managing Directors Samantha Hallowell and Thomas Greeley of the firm’s Boston Capital Markets Group.
“The Cambridge Highlands Campus benefits from mission-critical, in-place use by an investment-grade, credit-rated tenant,” Pullen said in a statement.
The portfolio transaction was first reported by Bldup.
Clarion purchased the portfolio from Goldman Sachs Realty Management in 2013 for $60.5M, according to land records.
Healthpeak continues to expand its life sciences portfolio in the emerging Alewife cluster after investing $720M in the 620K SF Cambridge Discovery Park on Acorn Park Drive, 2 miles from its newest acquisition. The Alewife neighborhood, approximately 4 miles west of the Kendall Square life sciences epicenter, has heated up with speculative life sciences activity in the past 12 months.
The publicly traded Healthpeak is among the 10 largest life sciences holders in the nation with 11.3M SF, behind Cambridge competitors BioMed Realty and behemoth Alexandria Real Estate Equities.
New York-based Clarion Partners maintains a life sciences presence in Greater Boston and acquired a 58K SF biomanufacturing facility in Braintree in April. The firm also owns the Seaport’s 18-story One Marina Park Drive, which it purchased for $482M in 2019.
CORRECTION AND UPDATE, SEPT. 15, 8 P.M. ET: An earlier version of this story included an incorrect square footage count for the acquisition. This story has been updated with information and a statement from Newmark.