CAMBRIDGE, MA-Alexandria Real Estate Equities Inc. closed on its purchase of an equity interest in Cambridge’s Technology Square complex. The Massachusetts Institute of Technology, which sold a 90% interest in the seven-building campus, will retain 10% ownership in the buildings and the land rights to the complex.

A source familiar with the transaction says the Pasadena, CA buyer will pay about $600 million for its interest in the property, which was acquired by MIT five years ago from Beacon Capital Partners LLC for $279 million. As part of the transaction, the buyer agreed to assume approximately $225 million in existing financing.

Situated between Broadway and Main Street in Cambridge, Technology Square is considered the premier location in one of the largest life science clusters in the world. It is comprised of seven buildings and a parking garage totaling 1.2 million sf and is occupied by a number of high profile biotech tenants, including Novartis, Forrester Research and MIT. Neither Alexandria Real Estate Equities nor MIT returned calls from in time for deadline.

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