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Diversified Healthcare Trust has sold 10% equity interest in its two-building life science complex in Boston, MA for $108 million.

Diversified Healthcare Receives $108M for 10% of Seaport Life Science Property

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.

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

  • ◦Sale/Acquisition
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