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BXP Sells 45% Interest of Cambridge Life Sciences Property
Boston Properties has sold a 45% stake in 290 Binney Street, a life sciences development in Cambridge, MA, to Norges Bank Investment Management (NBIM). This transaction will gradually reduce BXP’s share of the project’s estimated development costs by about $533.5 million.
290 Binney Street is a 16-story, 570,000-square-foot laboratory/life sciences property that is currently under construction and fully pre-leased to AstraZeneca. It is expected to be occupied starting in April 2026.
This deal completes NBIM’s investment in two buildings in Cambridge, with a combined valuation of approximately $1.66 billion or $2,050 per square foot. Both 290 Binney Street and 300 Binney Street, totaling 810,000 square feet, are fully pre-leased. Boston Properties will retain a 55% interest in these joint ventures and will continue to provide development, property management, and leasing services. NBIM had previously funded around $212.9 million for its investment in 300 Binney Street in late 2023.
- ◦Financing
