BXP to Sell 45% of $1.6B Kendall Square Life Sciences Assets
BXP has entered into agreements to sell a 45% interest in Kendall Square’s 290 and 300 Binney Street life sciences properties in Cambridge, Massachusetts to Norges Bank Investment Management at a gross valuation of approximately $1.66 billion or $2,050 per square foot.
With both sites fully leased, BXP maintains a 55% interest, providing development, management, and leasing services. NBIM’s $212.9 million investment in 300 Binney Street and an anticipated investment in 290 Binney Street will trim BXP’s future development costs by about $533.5 million.
“We are delighted to deepen our longstanding partnership with Norges Bank Investment Management,” said Owen Thomas, Chairman & CEO, of BXP. “Their meaningful investment in BXP’s newest life sciences development in the heart of Kendall Square demonstrates the value placed by investors on well located, well leased premier workplaces with strong stewardship.”
290 Binney Street will house AstraZeneca by April 2026, while the Broad Institute will occupy 300 Binney Street by January 2025 after its redevelopment.
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.