Boston, MA-based Boston Properties (BXP) has completed the $592-million acquisition of 125 Broadway, a six-story, 271,000 square foot laboratory/life sciences property in the Kendall Square neighborhood of Cambridge, MA.

BXP funded the purchase price with cash and borrowings under its line of credit, and it is evaluating opportunities to own the property with one or more joint venture equity partners.

BXP purchased the property from Biogen, which has signed a lease for and will continue to occupy the entire property through April 2028.

In conjunction with the acquisition of 125 Broadway, BXP and Biogen terminated their existing lease agreement at 300 Binney Street, an adjacent six-story, 195,000-square-foot property developed by BXP in 2013, to facilitate the conversion and expansion of the property to 240,000 square feet of laboratory/life sciences space. BXP has signed a new 15-year lease with a prominent life sciences organization for the renovated space that is expected commence in late 2024.

125 Broadway is adjacent to Kendall Center, BXP’s existing 2.2-million-square foot portfolio in the heart of Kendall Square.