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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.
- ◦Financing


