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Boston & New England  + Boston  + Finance  | 
Fan Pier in Boston, MA

DHC Receives $378M for 35% Equity Interest in Boston Life Science Complex

Diversified Healthcare Trust has entered into an agreement with a global institutional investor to acquire an equity interest in DHC’s existing joint venture that owns the two-building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston.

The new investor will acquire from DHC a 35% equity interest in the joint venture for a purchase price of approximately $378 million, with the existing partner continuing to own a 45% equity interest and DHC owning the remaining 20% equity interest.

The purchase price for the 35% equity interest is based on a property valuation of $1.7 billion, less the $620 million of existing secured debt on the property.

The property included in the joint venture was acquired by DHC in May 2014 for $1.1 billion and consists of two 15-story buildings the Seaport District. The two buildings are approximately 95% leased to Vertex Pharmaceuticals, Inc., through 2028.

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Diversified Healthcare Trust

About Lisa McDuffie

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 he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
  • ◦Financing