**Vertex Pharmaceuticals’ Seaport Headquarters Refinanced for $1 Billion**
The Seaport District headquarters of Vertex Pharmaceuticals has been refinanced in a deal totaling $1 billion, according to the Boston Business Journal. The properties, located at 50 Northern Avenue and 11 Fan Pier Boulevard in Boston, are owned by a joint venture between RMR Group and Diversified Healthcare Trust, both headquartered in Newton, Massachusetts.
The new mortgage is a five-year, interest-only, fixed-rate loan with an interest rate of just under 5.6%. This refinancing reflects the significant valuation of the office complex, which was among the initial major corporate developments in the growing Seaport neighborhood.
Vertex relocated its headquarters from Cambridge to the Seaport in 2014. It currently holds a lease through 2044 on 1.1 million square feet of space across the two buildings on Fan Pier. In addition to its headquarters, Vertex has opened a 269,000-square-foot research and manufacturing facility at 316-318 Northern Avenue and is developing an expansion across the street.
This move underscores Vertex’s long-term commitment to the Seaport area and highlights the continued growth and investment in Boston’s waterfront innovation district.
