CAMBRIDGE, MA-A joint venture of Rockwood Capital and Related Beal has closed on the sale of One Kendall Square, a 667,000-square-foot office, laboratory and retail portfolio here. Neither the JV nor San Francisco-based DivcoWest, the buyer, disclosed the sales price; citing municipal property records, published reports have put it at $395 million.
The nine-building complex, which Rockwood and Related Beal bought for $211 million in 2006, is known as one of the Kendall Square/East Cambridge submarket's premiere campuses for technology and life sciences companies. Its tenant roster includes Merrimack Pharmaceuticals, Akamai, Nine Point Medical, MIT, Abcam, Next Jump, CRB Consulting Engineers, Invivo Therapeutics, Redstar Ventures, Visterra, Inc., Cogo Labs, Semprus Biosciences and Catabasis. Among its retail components are a nine-screen movie theater and six restaurants.
For DivcoWest, the acquisition marks an expansion of its Boston-area portfolio. Among other properties, DivcoWest's local holdings include the Davenport in Cambridge and several buildings in Boston's Seaport District. It also has made acqisitions in the subsubrns of North Reading, Waltham, Westford and Bedford.
Over the course of its ownership, the Rockwood/Related Beal JV invested $75 million in building infrastructure and tenant improvements, bringing occupancy to 91%. “We believe One Kendall Square is a great example of our ability to create value in a property, and we are proud of the site's transformation into the city's premier science and technology address,” says Joe Gorin, managing director at Rockwood. “The Boston area will continue to be a key target market for Rockwood.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
