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One of Cambridge’s leading life sciences developers shored up its portfolio Monday, acquiring a rare available space in Harvard Square.
Bulfinch Cos. on Monday announced its acquisition of 1120 Massachusetts Ave., a 7,200 SF, two-story building with plans to reposition the former fitness center into a life sciences facility.
A spokeswoman declined to comment on the price, but public records show an entity tied to Bulfinch acquired the building for $5M in August from Randolph Street Realty, a firm that describes itself as specializing in distressed assets.
The property is an example of creating new space in a neighborhood that has 0% life sciences vacancy, according to Colliers' Q3 2020 report. Life sciences sit at just 1.7% vacancy across Cambridge.
The asset is Bulfinch’s 13th in Cambridge, it said in a release, with a portfolio spanning across the city. Earlier this year, Bulfinch acquired the 280K SF Discovery Park in Alewife for $138.5M, a fully leased property with a 650-space parking garage. The developer also owns a nearby 286K SF life sciences and office building it built earlier this year, which is 88% leased. Bulfinch, with Chicago-based partner Harrison Street, also manages the Osborn Triangle near MIT, whose tenants include Pfizer and Novartis.
Bulfinch CEO Eric Schlager said in a statement the developer seeks to continue building its Cambridge portfolio.
“During this crucial time of combatting a global pandemic, we’re meeting the need for lab space among key researchers in biodiscovery,” Schlager said. “Not only does the presence of life science research enrich the Cambridge culture, it also positions the city as a strong investment location, as life science and biotechnology discoveries become increasingly imperative.”
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