Newton, MA-based Diversified Healthcare Trust has sold an additional 10% equity interest in the two-building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston, MA. DHC sold the interest to an existing JV partner for a purchase price of approximately $108 million.

The purchasing partner now owns a 45% interest in the JV, another partner continues to own a 45% equity interest and DHC owns the remaining 10%. The purchase price for the 10% 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 was acquired by DHC in May 2014 for $1.1 billion and consists of two 15-story, Class A LEED® Gold Certified buildings. The two are approximately 95% leased to Vertex Pharmaceuticals, Inc., and include 1.1 million rentable square feet of lab, office and street level retail space.