CAMBRIDGE, MA – Publicly-traded office space developer, owner and manager BXP has acquired a 271,000-square-foot laboratory/life sciences property in Cambridge, MA from Biogen for $592 million.
Biogen has signed a lease to continue occupying the entire six-story property, located at 125 Broadway, through April 2028.
BXP funded the purchase with cash and borrowings under its line of credit. The firm is currently evaluating opportunities to own the property with one or more joint-venture equity partners.
Recommended For You
In conjunction with the new lease agreement, Biogen terminated its existing lease at BXP's 300 Binney St., an adjacent, six-story, 195,000-square-foot property. BXP will now convert and expand 300 Binney St. into a 240,000-square-foot laboratory/life sciences property, and it has secured a prominent life sciences organization as a tenant, which will commence its 15-year lease upon completion of the renovations in late 2024.
Located in Kendall Square, 125 Broadway is situated adjacent to BXP's existing 2.2 million-square-foot portfolio, Kendall Center. Kendall Square boasts the largest cluster of life sciences companies and research space in the US.
"We are thrilled to complete this acquisition and continue our longstanding relationship with Biogen," states Bryan Koop, BXP's EVP of the Boston region. "BXP has been an integral member of the Cambridge community since the development of our first property in 1981, and we are pleased to continue to grow and evolve Kendall Center to meet the needs of the life sciences community."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
