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New JV Pays $1.2B for Cambridge Life Science Office/Lab Property
MetLife Investment Management, an affiliate of Alexandria Real Estate Equities, Inc., and Norges Bank Investment Management have formed a joint venture to recapitalize 50 Binney and 60 Binney in Cambridge, MA for $1.2 billion.
MetLife Investment Management acquired a 25% interest in the property, Norges Bank Investment Management acquired 41% ownership, and an Alexandria subsidiary retained a 34% interest.
Newmark represented Alexandria and procured Norges Bank Investment Management and MetLife Investment Management for the transaction.
The asset comprises two 10-story, Class A office and lab buildings with 532,395 square feet of leasable space. The fully occupied property, which was built in 2017, is leased to life science and retail tenants.
“As life sciences real estate continues to experience heightened demand, we’re excited to add highly coveted properties to our portfolio that were purpose-built to meet the shortage of suitable office and lab space,” said Ashleigh Simpson, regional head of acquisitions and joint ventures at MIM.
Photo: Alexandria Real Estate Equities, Inc.
- ◦Sale/Acquisition
- ◦Financing
