The property includes three existing buildings, which total 541,000 sf, and four buildings currently under construction at 617,000 sf. According to Alex McCallum, spokesperson for Beacon Capital, the locally-based development company will continue to develop the site.
Beacon capital purchased Technology Square as part of a portfolio that included the nearby 475,000 sf Draper Building for $123 million from The Prudential Insurance Company of America. The Draper Building was sold to the Charles Stark Draper Laboratory last April for $72.5 million.
"This is part of Beacon's ongoing business strategy," McCallum explains to GlobeSt.com. Beacon currently has development projects in San Francisco and Seattle.
Technology Square was on the market since last fall. According to McCallum, it was the level of interest in the site that prompted the company to put the property up for sale before it even finished developing the property.
"That area is one of the most popular office area for high-tech and biotech industries in the nation," he says. "A number of unsolicited inquiries were made about the property so Beacon appointed a broker."
This is the university's fifth commercial investment in the area. M.I.T. also owns 640 Memorial Dr., 1 Broadway, 28 Osborn St., which it is currently renovating, and the land on which Forest City Enterprises is developing University Park at M.I.T., a mixed-use development.
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