What Drew Investcorp To Boston For A Life Sciences Property (And More)
A busy Investcorp—which has snapped up properties in Seattle, Boston, Nashville, Denver and other markets in recent months—came to Boston recently to acquire the 76k SF Blackstone Science Square in Cambridge and a 900k SF four-building industrial portfolio, Boston Metro Industrial. Investcorp managing director Herb Myers says Boston is highly desirable and that "these properties have long weighted average lease terms, and we believe there's upside potential through our plan to implement property upgrades.”
Blackstone Science Square (pictured) is 99% occupied—as befitting the tight life sciences space market—and the industrial buildings are 95% occupied, with leasing in the industrial market fueled by strong demand from the frenetic e-commerce sector. The Boston deals came at the same time the Bahrain-based investor acquired 15 office and office/flux buildings in metro Denver, another market Herb characterizes as highly desirable. All together, Investcorp paid about $250M for the 20 buildings.