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Alexandria Real Estate Equities Transfers Partial Interest in Boston Development 

Alexandria Real Estate Equities has transferred a partial interest in 15 Necco Street, a Class A life science development in the Seaport District of Boston, Massachusetts, to a US affiliate of Mori Trust. Proceeds will be used to fund the property’s development, which is expected to be delivered in late 2023. The property will be home to the Lilly Institute for Genetic Medicine, which leverages RNA- and DNA-based technologies to develop disease therapies. Newmark arranged the recapitalization 

“15 Necco — with its long-term lease to a strong credit tenant in Lilly, highly sustainable building design and creative amenities in an exceptional transit-friendly location — is an ideal example of the desirability and value of Alexandria’s assets,” said Hunter Kass, executive vice president and regional market director of Greater Boston at Alexandria Real Estate Equities.  

It is the nation’s largest single-building life science transaction year-to-date, according to data from MSCI Real Capital Analytics. 


Inside The Story

Hunter Kass

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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