**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, health, and technology campus located in Cambridge, Massachusetts. The 1.7-million-square-foot campus comprises eight buildings and is home to leading tenants including Takeda Pharmaceuticals, Agios, Vericel, and Mass General Brigham.
According to a report from Fitch Ratings, the University Park properties are currently 96% leased. The refinancing was secured with an interest rate of 5.89%, as reported by the Boston Business Journal.
In a 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, which is owned by Blackstone, originally acquired the University Park campus from Brookfield in 2020 as part of a $3.45-billion portfolio transaction.
