CAMBRIDGE, MA-Skansa USA Commercial Development said that it had sold 150 Second St., an office and lab building it developed in the Kendall Square submarket, for $94.5 million. The buyer was life sciences REIT Alexandria Real Estate Equities Inc.
The 150 Second project was Skanska's first completed commercial development project in Cambridge. After acquiring development rights to the site in November of 2010, Skanska developed the three-story, 123,000-square-foot property to LEED Platinum standards.
The property is currently 85% leased. Foundation Medicine Inc., a molecular information company that uses genomic analysis to help doctors identify targeted cancer treatments for patients, currently occupies 61,591 square feet. New tenant bluebird bio, a clinical-stage biotechnology company, will occupy 43,586 square feet beginning in January 2014.
Alexandria is already active in the Cambridge market, having redeveloped the one-million-square-foot Technology Square complex. It's developing the Alexandria Center at Kendall Square, an 11-acre science park.
This past September, Alexandria signed Alexandria Center tenant ARIAD Pharmaceuticals to a lease amendment that gave ARIAD an additional 142,000 square feet at 75/125 Binney St., a build-to-suit within the park. ARIAD will now occupy all but 2,000 square feet at 75/125 Binney, and plans to move into its 386,000-square-foot space in the first quarter of 2015.
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