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SNH Grabs Vertex HQ in $1B Deal

BOSTON-The REIT's acquisition of Vertex Pharmaceuticals' newly opened headquarters represented "a unique opportunity to further diversify SNH's portfolio and increase our exposure to the medical office building segment," says president David Hegarty.

By Paul Bubny | Updated on February 10, 2014

BOSTON- Senior Housing Properties Trust said late Monday afternoon it had agreed to acquire Vertex Phamaceuticals’ newly opened headquarters here for $1.125 billion, or about $682 per square foot. The Vertex headquarters, consisting of two 15-story office buildings, is part of the Fallon Co.‘s Fan Pier mixed-use development.

The Boston Business Journal reported this past October that developer Joseph Fallon would consider selling the Vertex towers for $1 billion or more, but that such an offer wasn’t forthcoming as yet. The buildings, which total 1.65 million square feet, are 96% occupied by Vertex, which has a remaining lease term of 15 years there as it relocates from Cambridge, MA.  

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