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.