CAMBRIDGE, MA-An international REIT has picked up a 128,000-sf life sciences and office building here for $72.7 million. The Pasadena, CA-based Alexandria Real Estate Equities specializes in the acquisition of life sciences properties.

In the last year Alexandria picked up two Bay State life science properties in Bedford and Waltham. It now adds 300 Third St. to its Massachusetts portfolio in a deal with New England-based joint venture owners the Beal Cos. and Cornerstone Real Estate Advisers.

Michael Manzo, a senior vice president with Beal, tells that Alexandria was up against six other bidders, but was selected because of its reputation in the life sciences field. “There really wasn’t a big difference in dollars so we decided to go with the firm that had prior dealings in life science.” He adds that the joint partnership opted to sell the asset because market conditions present an opportunity to realize a strong profit in accordance with the partnership’s goals.

Thomas G. Dudeck, managing director of Cornerstone, said in a statement that the sale followed an effort by Cornerstone of Hartford and its Boston-based partner to reposition the asset in the Boston market. “The repositioning of 300 Third St. to a life sciences building and resulting sale to Alexandria is indicative of the Beal Cos.’ strong ability to adapt to changing market conditions and create value for our joint venture.”

Developed in 2000 by the sellers, it is located just a short distance from Cambridge’s biotechnology epicenter at Kendall Square and across the Charles River from Boston. Officials from Cornerstone, Beal and Alexandria did not return calls from seeking comment.

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