Cambridge Life Sciences Building Trades for $73M

CAMBRIDGE, MA-An international REIT has picked up a 128,000-sf life sciences and office building here for $72.7 million. The Pasadena, CA-based Alexandria Real Estate Equities specializes in the acquisition of life sciences properties.

In the last year Alexandria picked up two Bay State life science properties in Bedford and Waltham. It now adds 300 Third St. to its Massachusetts portfolio in a deal with New England-based joint venture owners the Beal Cos. and Cornerstone Real Estate Advisers.

Michael Manzo, a senior vice president with Beal, tells GlobeSt.com that Alexandria was up against six other bidders, but was selected because of its reputation in the life sciences field. “There really wasn’t a big difference in dollars so we decided to go with the firm that had prior dealings in life science.” He adds that the joint partnership opted to sell the asset because market conditions present an opportunity to realize a strong profit in accordance with the partnership’s goals.