CAMBRIDGE, MA-MIT Real Estate is confirming the organization hasbought into several properties owned here by Alexandria Real EstateEquities, with the REIT striking ground leases bearing a totalvalue of approximately $30 million. According to MIT real estateassociate director John McQuaid, the initiative is expected toprovide a financial boost and steady income stream for theinstitution while at the same time allowing for reinvestment intothe local economy.

“MIT is a big supporter of what is going on in Cambridge,”McQuaid tells GlobeSt.com. “It is a market we understand and it isone we have a lot of faith in.” The ground leases have an initialterm of 50 years, and carry a 25-year extension option.

First reported earlier today by GlobeSt.com, the series offourtransactions came after extended discussions between thetwo sides. It underscores a close relationship forged last yearwhen Alexandria paid $600 million for a 90% stake in TechnologySquare, McQuaid explains, with MIT previously acquiring thatseven-building, 1.2-million-sf complex in the core East Cambridgesubmarket.