Alexandria Real Estate to Acquire Fenway Office Campus for $1.5B
Alexandria Real Estate Equities has announced it has entered into an agreement to purchase 401 Park Drive and 201 Brookline Ave. from Samuels & Associates for $1.5 billion. The office and research campus is located in Boston’s Fenway neighborhood and will include 1.8 million square feet of rentable space.
The 401 Park property was built in 1928 as a Sears, Roebuck and Co. distribution center and is home to a number of office and life science tenants. It is 93% occupied across 973,000 rentable square feet. The property is on the National Register of Historic Places and is also a retail and restaurant hub. The property at 201 Brookline is a 510,000-square-foot, 14-story office and lab development currently under construction with an estimated completion date of next year.
Alexandria is reportedly also interested in acquiring an additional 400,000 square feet of mixed-use space in the area, which, if it secures, will increase its purchase price by $98 million.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.