CBRE Fund Acquires Partial Interest in Boston Trophy Life Science Property
A fund sponsored by CBRE Investment Management has acquired a partial interest in a 10-story, Class A life science building in Cambridge, MA through a joint venture with an institutional investor and a publicly traded REIT.
Newmark’s Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell represented the seller in the recapitalization and procured the new partner.
The 432,931 square-foot property, 100 Binney Street in the Kendall Square neighborhood, is anchored by Bristol Myers Squibb and and Meta Platforms, Inc., and has street-level retail, plus a below-grade parking garage.
“The life sciences sector has continued to see strong growth fueled by the high influx of public and private funding amid a heightened focus on bioscience because of the COVID-19 pandemic,” said Larissa Belova, portfolio manager for CBRE Investment Management. “This emerging sector remains a key focus of our forward-looking investment strategy given our belief that the demand for quality lab and research spaces is expected to remain steady for the foreseeable future.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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