Alexandria Sells 5 Boston-Area Lab Buildings To TPG Joint Venture
Alexandria Real Estate Equities has sold five life sciences properties in the Boston area, including one of the first buildings it developed in Cambridge.
The REIT sold two buildings in Cambridge and three in Waltham to a joint venture of Alloy Properties — the life sciences portfolio company of TPG Real Estate Partners — and Anchor Line Partners, the buyers announced Wednesday.
The firms didn't disclose the sale price. The Cambridge deal hasn't yet appeared in property documentation, but records show the three Waltham buildings sold for a combined $266M.
The five properties total 425K SF across two of the region's largest lab clusters. The Cambridge portfolio consists of 780 and 790 Memorial Drive, and the Waltham portfolio consists of 225, 266 and 275 Second Ave.
The acquisition will mark the second life sciences portfolio in Waltham and the first in Cambridge for Alloy. The five properties along with the other 21 properties in Alloy's Boston portfolio make up 1.8M SF across the region.
“We are especially excited to announce our entry into Cambridge, a city known as the epicenter of life science globally," Alicia Mistry Hinds, director of asset management at Alloy, said in a statement. "We are thrilled to continue investing behind the dynamic life science ecosystem in the greater Boston area and look forward to integrating these high-quality innovation campuses and best-in-class tenants into the Alloy Properties national network."
Alloy is rebranding the Cambridge campus as its Graduate Research Opportunity campus. The campus consists of two buildings totaling 100K SF and will be used to attract companies in their post-incubation stage.
ARE built the Cambridge campus, then known as the Alexandria Science Hotel, in 2002, one of the firm's first developments in the city. Tenants include Thermo Fisher Scientific, Yumanity Therapeutics, Harvard University Information Technology Center and Vivtex.
This isn't the first time the joint venture of Alloy and Anchor Line bought property from ARE. Last year, the partnership bought a 370K SF portfolio in Bedford, Lexington and Waltham for $275M. In January, Alloy sold its 615K SF CenterPoint campus in Waltham to an affiliate of CS Capital Management for $578M.
CORRECTION, JUNE 15, 10:15 A.M. ET: A previous version of this story incorrectly stated the address of one of the buildings Alloy purchased. The story has been updated.
UPDATE, JUNE 15, 5:20 P.M. ET: This story has been updated with the sale price of the three Waltham buildings.