BXP, a leading real estate company, has recently announced the sale of a 45% stake in two life sciences properties located at 290 and 300 Binney Street in Cambridge, Massachusetts. The deal was made with Norges Bank Investment Management for a gross valuation of $1.66 billion or $2,050 per square foot.
Both properties are fully leased and BXP will retain a majority ownership of 55%, while also providing development, management and leasing services. This partnership with NBIM will result in significant cost savings for BXP as they continue to develop these premier workplaces.
“We are pleased to further strengthen our long-standing partnership with Norges Bank Investment Management,” stated Owen Thomas, Chairman & CEO of BXP. “Their substantial investment in our newest life sciences development at Kendall Square showcases the value that investors place on well-located and highly occupied properties under strong stewardship.”
The first property at 290 Binney Street is expected to be occupied by AstraZeneca by April 2026 while the second property at Broad Institute will undergo redevelopment before being taken over by them in January 2025.
This major transaction highlights the continued growth and success of Connect CRE’s presence within Kendall Square’s thriving life sciences market.
