Alexandria Real Estate Equities Inc. affiliates recently sold parcels in South Boston at a significant loss, as reported by the Boston Business Journal. The properties, which were originally intended for a 210,000-square-foot lab complex on A Street and included the former site of Coppersmith restaurant, were purchased by Verndale for $13.35 million. This is less than half of their value in 2018 when Alexandria and Anchor Line Partners acquired them for $31.1 million.
This sale is part of Alexandria’s strategy to divest assets in Greater Boston, including industrial properties in South Boston and offices in Newton. The site was previously owned by Gillette and has become a hub for lab developments with companies like Crispr Therapeutics establishing their U.S R&D headquarters nearby.
The trend continues as Alexandria bought out Anchor Line’s share earlier this year after partnering with them on the project since 2016.The post highlights how even major players like Alexandria are not immune to market fluctuations but remain committed to investing strategically within growing markets such as Greater Boston’s thriving life sciences sector.
