Newmark has successfully facilitated the sale of three life science properties in Cambridge, MA’s thriving Kendall Square submarket. The assets, located at 215 First St., 150 Second St., and 11 Hurley St., total over half a million square feet and were sold for $250 million. This deal is one of the largest in the region for life science properties within the past year, as reported by the Boston Business Journal.
The seller was represented by Newmark’s co-head of U.S. capital markets Robert Griffin, executive vice chairman Edward Maher from their Boston office, along with vice chairman Matthew Pullen, executive managing director James Tribble, senior managing director Samantha Hallowell and associate director William Sleeper. While Newmark did not disclose information about either party involved in this transaction,the Business Journal revealed that Blackstone’s BioMed Realty acquired these properties from Alexandria Real Estate Equities.
According to Sleeper,”215 First Street ,150 Second Street,and 11 Hurley Street are ideal options for modern life science companies.” He further added that each property offers state-of-the-art laboratory infrastructure and top-notch interior buildouts suitable for various tenant needs.
This significant trade highlights Kendall Square as a prime location for life science businesses looking to establish themselves in one of Massachusetts’ most sought-after submarkets.The post-sale market continues to show strong demand despite ongoing challenges posed by COVID-19 pandemic.
