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Boston & New England  + Metro Boston  + Healthcare  |  October 24, 2023
Boston Seaport District
Paul Bubny
By: Paul Bubny

Alexandria Scraps Plan for Boston-Area Development Site

Alexandria Real Estate Equities has scrapped plans for a development site in Greater Boston, the REIT said in announcing its third-quarter results. The two non-laboratory properties, identified only as industrial and self-storage, are expected to sell during Q4. 

“We initially acquired these industrial and self-storage properties with an intention to entitle the site as a life science campus, demolish the properties upon expiration of the existing in-place leases and ultimately develop life science properties,” Alexandria said in a release. “Since our acquisition, the macroeconomic environment has changed. Upon our reevaluation of the project’s financial outlook and its alignment with our mega campus strategy, we decided not to proceed with this project.” 

The Pasadena, CA-based owner/developer recorded a $90.8-million impairment charge on the properties to reduce their carrying amounts. Alexandra currently owns 75 properties in the Boston life science market, which has seen vacancies increase. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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