Alexandria Real Estate Equities Recaps Boston’s 15 Necco Street
The REIT sold a partial interest in the 345,995-square foot property to a U.S. affiliate of Mori Trust.
An Alexandria Real Estate Equities affiliate has sold a partial stake in 15 Necco Street in the Seaport Innovation District submarket of Greater Boston to a U.S. affiliate of Mori Trust Co., Ltd. Proceeds from this transaction will be used to fund the development of 15 Necco Street, a 345,995-square foot property under construction and expected to deliver in late 2023.
Longtime Alexandria tenant Eli Lilly and Co. will use the building to house the Lilly Institute for Genetic Medicine.
Developed in partnership with National Development, 15 Necco Street is on the waterfront next to Cambridge’s Kendall Square. 15 Necco Street is targeting LEED Gold Core & Shell, Fitwel Life Science and WiredScore Platinum certifications.
Newmark’s Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Alex Foshay represented the Alexandria Real Estate Equities, affiliate and National Development and procured the buyer. William Sleeper provided financial analysis support for the transaction.
Newmark says this recapitalization is the largest single-building life science transaction in the U.S. year-to-date and Mori Trust’s first life science transaction in the country.