“245 First Street is a well-located, well-leased asset in a highly desirable submarket,” said Gary Rufrano, head of the Clarion Partners' acquisition team for 245 First Street. “Given opportunities to purchase high-quality office and lab space in East Cambridge are extremely scarce, and because of the incredible tenant demand in the vicinity, evidenced by extremely strong occupancy of the property over the last 10 years, we believe that this property will be an excellent addition to our Boston portfolio.”

The Cambridge/Greater Boston market is extremely tight for biotech/life sciences-oriented space. Last month, brokerage firm JLL announced that Greater Boston had once again secured the mantle as the top life sciences market in the nation. Greater Boston earned the life sciences top market designation the prior four years.

The latest statistics for Cambridge's office and lab markets indicate a market with little or no space availability. Cushman & Wakefield reported that for the second quarter of this year, Cambridge posted a 2.6% and 2.5% vacancy rate, respectively, for lab and office space.

EAST CAMBRIDGE, MA—Clarion Partners has acquired a two-building office and science complex here in a $311.25-million deal.

The New York City-based real estate investment management firm acquired 245 First St. from Jamestown on behalf of a co-mingled fund managed by the firm. The 245 First St. complex, located in the East Cambridge, Kendall Square submarket, is comprised of a six-story 134,175-square-foot life science facility and a nine-story 170,714-square-foot office tower built above a parking garage.

Jamestown reportedly acquired the 245 First St. complex for $193 million in late 2013. Clarion Partners has been active in the Greater Boston market. The firm recently sold 535-545 Boylston St. in Boston's Back Bay in a $100.5-million deal with John Hancock Real Estate.

The 245 First St. complex is 96% leased to biotechnology and medical research tenants. The two buildings are linked by a four-story glass atrium. The complex also includes a common lobby that features open seating and an on-site café. Other amenities at the complex include structured parking, bike storage, lockers and a shower room.

“245 First Street is a well-located, well-leased asset in a highly desirable submarket,” said Gary Rufrano, head of the Clarion Partners' acquisition team for 245 First Street. “Given opportunities to purchase high-quality office and lab space in East Cambridge are extremely scarce, and because of the incredible tenant demand in the vicinity, evidenced by extremely strong occupancy of the property over the last 10 years, we believe that this property will be an excellent addition to our Boston portfolio.”

The Cambridge/Greater Boston market is extremely tight for biotech/life sciences-oriented space. Last month, brokerage firm JLL announced that Greater Boston had once again secured the mantle as the top life sciences market in the nation. Greater Boston earned the life sciences top market designation the prior four years.

The latest statistics for Cambridge's office and lab markets indicate a market with little or no space availability. Cushman & Wakefield reported that for the second quarter of this year, Cambridge posted a 2.6% and 2.5% vacancy rate, respectively, for lab and office space.