Alexandria has entered into a purchase and sale agreement to sell a portion of its property at 421 Park Drive in Boston’s Fenway to an affiliate of Boston Children’s Hospital. The Class A development constitutes 268,000 square feet and Alexandria will develop and operate the entire building, as well as manage the 2 million suqare feet life science campus. This transaction represents 48.5% commitment of the building, including ground-floor retail with initial proceeds estimated at $155 million which will be reinvested into Alexandria’s value-creation pipeline.
The sustainable laboratory development is expected to contribute significantly towards enhancing both the campus and surrounding neighborhood by featuring open spaces, direct connections to MBTA Fenway station along with bike paths, pedestrian paths and retail destinations on its ground floor. Vertical construction for this project is slated for later this year with completion projected in 2026.
