In the last year Alexandria picked up two Bay State life scienceproperties in Bedford and Waltham. It now adds 300 Third St. to itsMassachusetts portfolio in a deal with New England-based jointventure owners the Beal Cos. and Cornerstone Real EstateAdvisers.

Michael Manzo, a senior vice president with Beal, tellsGlobeSt.com that Alexandria was up against six other bidders, butwas selected because of its reputation in the life sciences field."There really wasn't a big difference in dollars so we decided togo with the firm that had prior dealings in life science." He addsthat the joint partnership opted to sell the asset because marketconditions present an opportunity to realize a strong profit inaccordance with the partnership's goals.

Thomas G. Dudeck, managing director of Cornerstone, said in astatement that the sale followed an effort by Cornerstone ofHartford and its Boston-based partner to reposition the asset inthe Boston market. "The repositioning of 300 Third St. to a lifesciences building and resulting sale to Alexandria is indicative ofthe Beal Cos.' strong ability to adapt to changing marketconditions and create value for our joint venture."