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Technology Square Secures $225M First Mortgage

CAMBRIDGE, MA-Massachusetts Institute of Technology takes out a first mortgage for Technology Square, a seven-building, 1.1-million-sf complex in Kendall Square. Holliday Fenoglio Fowler arranged the $225-million loan.

By Naomi Grossman | Updated on May 10, 2004

CAMBRIDGE, MA-First mortgage financing in the amount of $225 million was secured for Technology Square, a seven-building complex at the Massachusetts Institute of Technology.

The Boston office of Holliday Fenoglio Fowler, LP arranged the loan. The firm’s senior managing director Riaz Cassum, executive managing director John Fowler and senior real estate analyst Greg LaBine worked on behalf of Technology Square Finance, LLC, a subsidiary of MIT, to secure the 10-year, fixed-rate loan through ING Investment Management and Cigna Investments Inc. MIT owns the property and this is its first mortgage on the site.

The 1.1-million-sf, mixed-use complex includes office, laboratory and retail space as well as a 1,593-space parking garage. It is located at MIT in the Kendall Square neighborhood of East Cambridge, an area known for its concentration of life science/biotechnology, software and communications companies. The properties, which are approximately 80% occupied, are a mix of life science and technology tenants including Forrester Research, Dyax and MIT as well as Novartis Pharmaceuticals which leased a 250,000-sf building last year.

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