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Adam Portnoy Of The RMR Group Secures $1B Refinancing For Vertex Pharmaceuticals In Boston

Property Image
FINANCED
$1,000,000,000

Massachusetts

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Life Sciences2,200,000 SF
Financed 08/08/2025
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Property Image
FINANCED

Adam Portnoy Of The RMR Group Secures $1B Refinancing For Vertex Pharmaceuticals In Boston

50 Northern Avenue & 1 Fan Pier Boulevard

See Similar Deals
Life Sciences2,200,000 SF
Financed 08/08/2025
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Life Sciences
Price Per Square Foot:$454
Total Square Footage:2,200,000 SF
Transaction Type:Loan

A joint venture managed by The RMR Group has secured a $1 billion refinancing loan for Vertex Pharmaceuticals’ 1.1 million square foot headquarters located at 50 Northern Avenue & 1 Fan Pier Boulevard in Boston, MA. This refinancing replaces a $620 million CMBS loan and allocates additional funds for leasing reserves and repatriation.

Summary of transaction details:

  • Property Type: Life Sciences & Office
  • Transaction Amount: $1,000,000,000
  • Lender: Morgan Stanley, Bank of Montreal (BOM) & Goldman Sachs
  • Landlord: Adam Portnoy - The RMR Group
  • Loan Type: Refinance

The refinancing deal highlights the collaboration between prominent financial institutions and real estate management entities, with Adam Portnoy representing The RMR Group in this significant transaction. The joint venture's role is essential in managing the assets for Vertex Pharmaceuticals.

Players

Morgan Stanley
Morgan Stanley
LENDER
Goldman Sachs
Goldman Sachs
LENDER
Bank of Montreal (BOM)
Bank of Montreal (BOM)
LENDER
The RMR Group
The RMR Group
LANDLORD
The RMR Group
The RMR Group
LANDLORD

Details

FINANCED
IMAGE: Adam Portnoy DATE: 08/08/2025 ADDRESS: 50 Northern Avenue & 1 Fan Pier Boulevard MARKET: Boston, MA ASSET TYPE: Life Sciences & Office ~ SF: 1,100,000 LENDER: Morgan Stanley, Bank of Montreal (BOM) & Goldman Sachs (@GoldmanSachs) LANDLORD: Adam Portnoy - The RMR Group LOAN AMOUNT: $1,000,000,000 LOAN TYPE: Refinance NOTE: A joint venture managed by The RMR Group secured a $1B refinancing loan for Vertex Pharmaceuticals’ 1.1M-sf Seaport HQ in Boston, replacing a $620M CMBS loan and allocating funds for leasing reserves and repatriation.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,000,000,000.00

Monthly NOI$6,666,666.67
Monthly Debt Service$6,320,680.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00