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Seaport Headquarters of Vertex Refinanced for $1B
Vertex Pharmaceuticals’ Seaport headquarters buildings have been refinanced for $1 billion, the Boston Business Journal reported. The site, 50 Northern Ave. and 11 Fan Pier Blvd., is owned by a joint venture between property management company RMR Group and asset management company Diversified Healthcare Trust. Both firms are based in Newton.
The mortgage refinancing is a five-year, interest-only, fixed-rate loan at just under 5.6%. The Business Journal reported that the financing puts a ten-figure value on an office that was one of the first big corporate bets on the neighborhood.
The pharmaceutical giant moved to the Seaport from Cambridge in 2014, and today it has a lease through 2044 on 1.1 million square feet of space spread between two buildings on Fan Pier. It has also opened a 269,000-square-foot research and manufacturing building at 316-318 Northern Ave. in the Seaport and is building an expansion across the street.
- ◦Financing
