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Charles Park in Cambridge’s Life Science Cluster Sells for $815M
An affiliate of Alexandria Real Estate Equities, Inc., has acquired One Charles Park and One Rogers Street (Charles Park) for $815 million from a joint venture controlled by The Davis Companies and Principal Real Estate Investors. The two existing buildings — collectively, “Charles Park” — will be redeveloped by Davis and Alexandria into an approximately 400,000-square-foot Class A life science project in the Kendall Square/East Cambridge, MA neighborhood.
Davis acquired its ownership interest in Charles Park in December 2020, through a recapitalization with Principal Real Estate Investors that valued the property at $467 million. Newmark represented Principal Real Estate Investors in the December 2020 recapitalization and the Principal Real Estate Investors/Davis partnership in the 2021 sale.
Charles Park’s anchor tenant, Pegasystems Inc., which had occupied more than 50% of the building since 2012 and had rights to remain in the property beyond 2030, relocated during the year between the property’s recapitalization and sale.
- ◦Sale/Acquisition
