Boston Properties has expanded its considerable holdings in the life science real estate space with the purchase of two lab facilities for $100 million in cash. The 153,000 square-feet properties are located in Waltham, Mass., and were sold by an affiliate of Montana Avenue Capital Partners, LLC.
The buildings, located at 153 & 211 Second Ave. are fully leased to a pharmaceutical company and are next to the REIT's 200 West Street building, a 272,000 square feet office—a portion of which was recently converted to lab space—that is 100% leased to Translate Bio.
Boston Properties has 4.9 million square feet of lab and office assets in the Waltham/Lexington region of Massachusetts. The area is one of the country's key locations for life science and pharmaceutical companies. By acquiring the two properties next to an existing asset, Boston Properties is aiming to create its own life sciences hub in the market, according to David Provost, senior vice president of Development and co-head of Boston Properties' Life Sciences. The company also owns medical space at 195 West Street.
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All together, the REIT has more than three million square feet of life sciences properties, primarily in the Boston, Cambridge, and Waltham/Lexington areas. It also has a six million square foot life sciences-focused development pipeline, with approximately one million square feet expected to deliver in the next 24-36 months.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
