Alexandria Real Estate Equities has secured $310M in construction financing from the Bank of China for a laboratory and office project in Cambridge.
The 431k SF project at 100 Binney St is scheduled to be completed in late 2017. Alexandria has already committed $175M in equity, and Bristol-Myers Squibb has signed on for 208k SF in a long-term lease.
Sales
Calare Properties has acquired a 119k SF warehouse/retail building on 17.1 acres at 301 Page St in Stoughton.The property is 100% occupied, and serves as the HQ for regional furniture brand Boston Interiors. The building was built-to-suit for Boston Interiors back in 2004, and features 100k SF of warehouse space, 10k SF of office and a 9k SF showroom.
Boston Interiors, which has seven area retail locations, signed on for a new 15-year lease at the time of acquisition. “301 Page St offered the unique opportunity to secure a Class-A high bay distribution asset below replacement cost in an off-market transaction,” said Calare director of acquisitions Andrew Iglowski.
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Berkeley Investments has acquired 200 Exchange St in Malden from an affiliate of KBS Real Estate Investment Trust for $21.6M. The 314k SF, four-story building is immediately across from the MBTA’s Malden Center T Station. HFF repped the seller and procured the buyer, while Gramercy Property Trust also advised KBS.
Leasing
Construction management firm Dellbrook/JK Scanlon has expanded its existing office space at One Adams Place in Quincy to 12k SF. The building is owned by Hudson Advisors, and located near the South Shore Plaza at 859 Willard St. The southwest team of Colliers International assisted the tenant.
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Old Navy has agreed to open a two-level store in Millennium Tower Boston in Downtown Crossing. Property owner Millennium Partners has now fully leased the 335k SF of retail space in the tower, scheduled to open this summer.
Financing
The capital markets team at Boston Realty Advisors has been retained as the exclusive agent for the sale of 27 & 29 Hancock St in Beacon Hill. The 40-unit portfolio is adjacent to the West End Medical Cluster.
This and That
The MBTA has selected two developers for an upcoming mixed-use project that will center around the Red Line’s North Quincy Station. Hingham-based Atlantic Development and Maryland-based Bozzuto Development were given the nod for the development, which is slated to include residential units, retail space and a parking garage.
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Walk Score has unveiled its 2016 rankings of most walkable cities in the US, and Boston took down the No. 3 spot for the second consecutive year, coming in just behind New York and San Francisco.
