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.
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