Harrison Street, Partners Sell Cambridge Life Science Portfolio for $720M
Harrison Street and partners The Bulfinch Cos. and National Real Estate Advisors have announced the sale of Cambridge Discovery Park, a three-property life science campus in Cambridge, MASS. The gross sale price was $720 million. The buyer was not disclosed.
The portfolio includes three class A life sciences buildings and two parking garages totaling approximately 620,000 square feet located at 100 CDP, 200 CDP and 400/500 CDP in the West Cambridge submarket of Boston. Harrison Street initially invested in the development of 400/500 CDP in December 2018 and in eight months leased 88% of the property prior to completion of construction. The portfolio is currently 94% leased on a combined basis.
Bulfinch will continue to serve as property manager as well as maintaining an ownership interest in the park. For Bulfinch, the transaction is a recapitalization. Harrison Street’s investments now total more than $2 billion across 3 million square feet of life sciences lab, research and innovation space.
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.