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The unnamed Asian investor will contribute approximately $108 million for a 39% equity interest in the joint venture and ILPT will own the remaining 61% equity interest in the joint venture.
Creative Science Properties announced last week its intent to change its name to IQHQ, Inc. IQHQ also announced at that time it had successfully completed a $770-million equity raise.
The median sale price for a single-family home rose 6.9% from $379,900 in January 2019 to $406,000 in January 2020. The median price for a condominium in the Commonwealth spiked 10.4% from $366,250 in January 2019 to $404,500 in January 2020.
Klee, who held several executive positions at GE, served as GE's vice president of Boston development and operations and led the search for GE's new headquarters and eventual move from Fairfield, CT to Boston.
The letter of intent filed on Friday on behalf an affiliate of Peebles Corp. is in connection with Air Rights Parcel 13 located on the northeast corner of the intersection of Massachusetts Avenue and Boylston Street.
The firm's new asset totals more than 530,000 square feet and includes such national tenants as Whole Foods, lululemon, L.L. Bean, Crate & Barrel, Pottery Barn, Sephora and Williams Sonoma.