Alexandria Sells Portion of Boston Lab Development for $155M
Alexandria has entered into a purchase and sale agreement to sell a portion of its property at 421 Park Drive in Boston’s Fenway to an affiliate of Boston Children’s Hospital.
The Class A development constitutes 268,000 square feet. Alexandria will develop and operate the entire building, as well as manage the 2 million suqare feet life science campus. The transaction represents 48.5% commitment of the building, including ground-floor retail. The initial proceeds, estimated at $155 million, will be reinvested into Alexandria’s value-creation pipeline.
The sustainable laboratory development will contribute to the enhancement of the campus and surrounding neighborhood, featuring open spaces, direct connections to the MBTA Fenway station, bike paths, pedestrian paths, and retail destinations on the ground floor. The development of 421 Park Drive is expected to begin vertical construction later this year and be completed in 2026.
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.