**BioMed Realty Refinances University Park at MIT for $1.3 Billion**
BioMed Realty has completed a $1.3 billion refinancing of University Park at MIT, a prominent life sciences and technology campus located in Cambridge, Massachusetts. The 1.7-million-square-foot property comprises eight buildings and hosts major biotech and healthcare tenants including Takeda Pharmaceuticals, Agios, Vericel, and Mass General Brigham.
According to a Fitch Ratings report, the University Park properties boast a strong 96% occupancy rate. The refinancing came with an interest rate of 5.89%.
In an official statement, BioMed Realty commented, “The refinancing of BioMed Realty’s University Park at MIT reflects the appeal of a 1.7 million square foot life science and tech campus that is uniquely positioned within one of the deepest research clusters in the world.”
BioMed Realty, owned by global investment firm Blackstone, originally acquired the University Park campus in 2020 as part of a $3.45 billion portfolio purchase from Brookfield. The refinancing further solidifies the property’s standing as a critical hub in the Cambridge life sciences ecosystem.
