CAMBRIDGE, MA—King Street Properties hassecured $89 million in acquisition and repositioning financing inconnection with its purchase of two former Pfizerlaboratory buildings near the Alewife MBTA Station.

The combined purchase price for the two properties at 87Cambridge Park Drive and 200 Cambridge Park Drive is $54.5 million.HFF, working on behalf of King Street Properties,LLC, placed both acquisition/repositioning loans throughCornerstone Real Estate Advisers, which acted onbehalf of its advisory clients. A $22-million, floating-rate loanwas secured for 87 Cambridge Park Drive and a $67-million,floating-rate loan was secured for 200 Cambridge Park Drive. TheHFF team representing the borrower was led by Managing DirectorGreg LaBine.

The cost of the acquisition and repositioning of the propertiesis $112 million, according to HFF. 87 Cambridge Park Drive is a62,492-square-foot office/laboratory building that is currentlyvacant. 200 Cambridge Park Drive is a vacant six-story221,676-square-foot Class A office/laboratory facility that wasrenovated in 2004. Both properties will be renovated, repositionedand re-leased by King Street. Cushman andWakefield is handling the leasing of both properties.