TIAA-CREF Pays $190M for Majority Stake of Biogen Headquarters

CAMBRIDGE, MA—TIAA-CREF has entered the burgeoning life sciences sector here in a big way. The New York City-based financial services firm has acquired a 70% interest in 225 Binney St. from Alexandria Real Estate Equities, Inc. for $190.1 million.

TIAA-CREF announced its purchase of the 305,312-square-foot property that serves as the global headquarters for global biotechnology firm Biogen. While the firm did not reveal the purchase price in its announcement, Alexandria Equities in its second quarter financial filing released on July 27 reported that it had reached an agreement to sell the 70% interest in its 225 Binney St. property to “a high quality institutional investor for $190.1 million at a 4.5% cash capitalization rate.”