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.