Tech Square, which includes the seven buildings and a parking garage, was put on the market in April after MIT invested several million dollars to reposition the buildings as life science properties. Alexandria will purchase all but a small portion of the site's buildings, the remainder of which will continue to be owned by MIT.
The university will also maintain the land rights to the complex, a source familiar with the transaction says. Officials from both Alexandria Real Estate Equities and MIT did not return calls from GlobeSt.com in time for deadline.
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