Updated Oct 29, 2024
Boston Children’s Hospital Acquires 268,000 SF Life Science Lab From Alexandria Real Estate Equities For $155M
421 Park Dr Boston, MA 02215, USA
$155,000,000
$578/SF
Building Size
268,000 SF
Asset Type
Life Sciences
Closing
Jun 28, 2023
About this deal
AI
Alexandria Real Estate Equities (ARE) has sold 268,000 square feet of a planned 660,000-square-foot lab development in Boston's Fenway neighborhood. The buyer, Boston Children's Hospital, purchased the property for $155 million. The asset, located at 421 Park Drive St, is a life science facility.
Summary of transaction details
- Property Type: Life Science
- Transaction Amount: $155,000,000
- Square Footage: 268,000
- Address: 421 Park Drive St
- Market: Boston, MA
Boston Children's Hospital acquired the property from Alexandria Real Estate Equities. The sale allows ARE to profit from the development of life sciences despite concerns about the sector's demand. The transaction highlights the ongoing growth and investment in the life science industry.
On the Map
$155,000,000
$578/SF
Life Sciences
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Boston Life Sciences Market Snapshot
Boundary boundary · Life Sciences · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93