A source familiar with the transaction says the Pasadena, CAbuyer will pay about $600 million for its interest in the property,which was acquired by MIT five years ago from Beacon CapitalPartners LLC for $279 million. As part of the transaction, thebuyer agreed to assume approximately $225 million in existingfinancing.
Situated between Broadway and Main Street in Cambridge,Technology Square is considered the premier location in one of thelargest life science clusters in the world. It is comprised ofseven buildings and a parking garage totaling 1.2 million sf and isoccupied by a number of high profile biotech tenants, includingNovartis, Forrester Research and MIT. Neither Alexandria RealEstate Equities nor MIT returned calls from GlobeSt.com in time fordeadline.
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