Alexandria Real Estate Equities has transferred a partial interest in 15 Necco Street, a Class A life science development located in the Seaport District of Boston, Massachusetts. The proceeds from this transaction will be used to fund the property’s development which is expected to be completed by late 2023. This building will serve as home for Lilly Institute for Genetic Medicine and leverage RNA- and DNA-based technologies to develop disease therapies. Newmark was responsible for arranging the recapitalization process.
Hunter Kass, executive vice president and regional market director of Greater Boston at Alexandria Real Estate Equities commented: “15 Necco — with its long-term lease to a strong credit tenant like Lilly, highly sustainable building design along with creative amenities situated in an exceptional transit-friendly location — is an ideal example of the desirability and value of Alexandria’s assets.” This nation’s largest single-building life science transaction year-to date according data from MSCI Real Capital Analytics further emphasizes this point.
