The Boston office of Holliday Fenoglio Fowler, LP arranged the loan. The firm's senior managing director Riaz Cassum, executive managing director John Fowler and senior real estate analyst Greg LaBine worked on behalf of Technology Square Finance, LLC, a subsidiary of MIT, to secure the 10-year, fixed-rate loan through ING Investment Management and Cigna Investments Inc. MIT owns the property and this is its first mortgage on the site.
The 1.1-million-sf, mixed-use complex includes office, laboratory and retail space as well as a 1,593-space parking garage. It is located at MIT in the Kendall Square neighborhood of East Cambridge, an area known for its concentration of life science/biotechnology, software and communications companies. The properties, which are approximately 80% occupied, are a mix of life science and technology tenants including Forrester Research, Dyax and MIT as well as Novartis Pharmaceuticals which leased a 250,000-sf building last year.
The property consists of a newly renovated 255,441-sf lab facility, a 155,250-sf office building, a 175,709-sf office building, a 197,884-sf office building, a 178,664-sf lab facility, a newly renovated 128,224-sf office building and a newly renovated 48,930-sf office building.
"HFF was able to find two very compatible lenders that were able to meet our financing objectives," says Steven C. Marsh, managing director of real estate for MIT. Cassum notes that the lenders recognized the "attractiveness of this opportunity given the high quality of the real estate, its tenancy and most importantly its sponsorship by MIT-related entities."
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