BXP Acquires Boston-Area Life Sciences Asset for $592M
The firm purchased the property from Biogen, which will continue to lease the entire 271,000-SF asset through April 2028.
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.
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.”