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 GlobeSt.com 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 GlobeSt.com seeking comment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.