Biggest Single-Property Deal Of The Year: One Kendall Square
The year's almost over, but there's still time for ever-larger Boston-area real estate deals. Alexandria Real Estate Equities closed its $725M acquisition of One Kendall Square in Cambridge. It's the largest single-asset real estate transaction in 2016, the Boston Business Journal reports. Alexandria, a life science REIT with an office in Cambridge, now has a portfolio of around 6.3M SF in greater Boston.
The $725M price tag for One Kendall Square marks an 83% increase in price from DivcoWest’s $395M purchase of the mixed-use science and technology campus in early 2014. The deal includes an option to build a four-story, 172k SF building adjacent to the existing 644k SF property, which Alexandria plans to exercise.
The campus is 98.5% occupied with more than 50 tenants, including InVivo Therapeutics and Akamai Technologies. NGKF's Robert Griffin, Edward Maher, Matthew Pullen, Mark Winters and David Townsend repped DivcoWest. [BBJ]