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BioMed Realty Acquires Kendall Square Complex from MIT
BioMed Realty has purchased the Kendall Square complex housing the “tough tech” accelerator The Engine from Massachusetts Institute of Technology for $361.5 million, the Boston Business Journal reported. MIT will continue to own the land under 730-750 Main St. in Cambridge, while BioMed will hold the building itself under a master lease agreement that expires in 2099.
The deal is among the few sales to occur in Kendall since interest rates jumped more than two years ago. It also marks the return of BioMed, a Blackstone affiliate, into the acquisition space locally, reported the Business Journal.
MIT revamped the two-building, 223,000-square-foot complex, once home to Polaroid Corp., beginning in 2020. The Engine, an MIT spinout, moved its headquarters to 750 Main in 2022.
Both a venture capital firm and a startup accelerator, The Engine is one of the country’s foremost investors in “tough tech,” a loose term covering businesses like robotics and climate-tech companies that apply technology to real-world materials.
Image courtesy of Black Diamond Real Estate.
- ◦Sale/Acquisition
