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Boston & New England  + Healthcare  |  March 26, 2021
David Cohen
By: David Cohen

Davis Cos., Principal Global Investors Secure $491M for Lab Conversion in Cambridge

The Davis Cos. and Principal Global Investors have secured a $491M loan for the acquisition and conversion of a two-building office asset into a lab space in East Cambridge.

The properties include Charles Park One and Two across from the CambridgeSide Mall. The buildings span a total of 405,000-square-feet and are located nearby the Kendall Square submarket. Charles Park Two was built in 1989 and is currently 100% leased, while Charles Park One was built in 1995 and is currently 81% leased.

Blackstone Mortgage Trust provided the financing to Davis Cos. and Principal Global. Principal has owned the properties since 2004 and retains a stake in the deal with Davis for the financing.

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Davis Cos.

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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