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Alexandria Real Estate Sells Life Sciences Properties To BioMed Realty For $250 Million In Cambridge

Property Image
SOLD
$250,000,000
Samantha Hallowell
Robert (Rob) Griffin
Matthew (Matt) Pullen
+ 2

Massachusetts

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Life Sciences1,657,629 SF
Sold 12/23/2024
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Property Image
SOLD

Alexandria Real Estate Sells Life Sciences Properties To BioMed Realty For $250 Million In Cambridge

215 First Street, 150 Second Street & 11 Hurley Street

See Similar Deals
Life Sciences1,657,629 SF
Sold 12/23/2024
Samantha Hallowell
Robert (Rob) Griffin
Matthew (Matt) Pullen
+ 2
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:Life Sciences
Price Per Square Foot:$150
Total Square Footage:1,657,629 SF
Transaction Type:Sale

The sale involved three life science buildings located at 215 First Street, 150 Second Street, and 11 Hurley Street in Cambridge, MA. These properties collectively total 552,543 square feet and were sold for $250,000,000, reflecting a price per square foot of $452.

Summary of transaction details:

The transaction was facilitated by Newmark, which successfully brokered the sale, marking a significant deal in the life sciences sector within the Cambridge market.

Players

Matthew (Matt) Pullen
Newmark
Matthew Pullen
57 deals$6.2B volume
BROKER
Edward Maher
Newmark
Edward Maher
57 deals$6.7B volume
BROKER
Samantha Hallowell
Newmark
Samantha Hallowell
36 deals$5B volume(617) 863-8627
BROKER
Robert (Rob) Griffin
Newmark
Robert Griffin
72 deals$7.3B volume(617) 863-8611
BROKER
James (Jim) Tribble
Newmark
James Tribble
14 deals$719.5M volume(617) 863-8607
BROKER

Details

SOLD
IMAGE: Edward Maher, Jim Tribble, Matthew Pullen, Robert Griffin & Samantha Hallowell DATE: 12/23/2024 ADDRESS: 215 First Street, 150 Second Street & 11 Hurley Street MARKET: Cambridge, MA ASSET TYPE: Life Sciences BROKERS: Edward Maher, Jim Tribble, Matthew Pullen, Robert Griffin & Samantha Hallowell - Newmark (@Newmark) SALE PRICE: $250,000,000 SF: 552,543 ~ PPSF: $452 NOTE: Newmark brokered the sale of three life science buildings in Cambridge, MA, totaling 552,543 SF. Public records indicate Alexandria Real Estate sold the properties to an affiliate of BioMed Realty (a Blackstone portfolio company) for $250 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$13,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$888,197.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,185,127.54
Annual Debt Service$14,221,530.53