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WALTHAM, MA-Boston based Intercontinental Real Estate Corp. has finalized its $51.3-million deal to acquire a180,000-sf corporate headquarters and research facility under sale-leaseback arrangement. Under the terms of the deal, Praecis Pharmaceuticals, which netted approximately $50.6 million in the transaction, will continue to lease 65,000 sf of laboratory and office space within the 830 Winter St. facility here.

Terms of that lease have not been disclosed. Praecis says $31.6 million from the sale of the facility will be used to retire the property’s existing mortgage with the remaining $19 million will go to further the company’s research and development goals. The acquisition of the three-story, multi-tenant, 180,000 sf biotech building, was the 29th buy in the Intercontinental Investment Fund III portfolio.

“Entering the Boston lab market has been a goal for quite some time and this was the perfect opportunity for Intercontinental to enter that market and expand our Fund III portfolio,” Peter Palandjian, CEO and chairman of Intercontinental says in a statement.The price factors out to $285 per sf. In addition to the building, the purchase price also includes 505 parking spaces and 17 acres of land located within close proximity to Route 128 and the Massachusetts Turnpike. Praecis originally purchased the unfinished Waltham property, situated on the Cambridge Reservoir, from Bren Schreiber Properties for $41.5 million in 2000.

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