Sale Completed for Tech Square, Purchase Price $278.8 Mil

CAMBRIDGE, MA-Beacon Capital Partners Inc. completed its sale of Technology Square here to the Massachusetts Institute of Technology. The previously undisclosed purchase price was $278.8 million or $240 per sf.

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.