**Vertex Pharmaceuticals’ Seaport Headquarters Refinanced for $1 Billion**
Vertex Pharmaceuticals’ Seaport District headquarters in Boston has been refinanced in a $1 billion deal. The refinancing covers two buildings located at 50 Northern Avenue and 11 Fan Pier Boulevard. These properties are owned by a joint venture between The RMR Group and Diversified Healthcare Trust, both based in Newton, Massachusetts.
The refinancing deal is structured as a five-year, interest-only, fixed-rate loan with an interest rate just under 5.6%. This significant financing move underscores the long-term value of the Vertex office campus, which was one of the first major corporate developments in the Seaport neighborhood.
Vertex relocated to the Seaport from Cambridge in 2014 and currently holds a lease through 2044. The company occupies approximately 1.1 million square feet across the two Fan Pier buildings. In addition, Vertex has developed a 269,000-square-foot research and manufacturing facility at 316-318 Northern Avenue in the Seaport and is in the process of building another expansion directly across the street.
