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Boston & New England  + Metro Boston  + Finance  | 

BioMed Refis Cambridge Life Sciences Cluster for $1.3B

BioMed Realty has refinanced University Park at MIT, a cluster of eight life sciences, health and technology buildings in Cambridge, MA, for $1.3 billion, the Boston Business Journal reported. The 1.7-million-square-foot cluster includes major life sciences names Takeda Pharmaceuticals, Agios and Vericel, as well as Mass General Brigham.

A Fitch Ratings report on the new refinancing highlighted a 96% lease rate for the University Park properties. The refi came with a 5.89% interest rate, reported the Business Journal, citing the Fitch report.

“The refinancing of BioMed Realty’s University Park at MIT reflects the appeal of a 1.7 million square foot life science and tech campus that is uniquely positioned within one of the deepest research clusters in the world,” BioMed said in a statement. BioMed, owned by Blackstone, acquired the University Park campus from Brookfield as part of a $3.45-billion portfolio in 2020.

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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).

  • ◦Financing
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