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15 Necco Street
SOLD

Mori Trust Co Acquires $700M Life Science Facility In Boston From Alexandria Real Estate Equities

15 Necco Street

Other
346 SF
clock iconSold 1 year ago
William (Will) Sleeper
Alex Foshay
Samantha Hallowell
+ 4
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Summary

Sale
MASSACHUSETTS
Other
346 sqft

Affiliate of Mori Trust Co has purchased a stake in a $700 million life sciences facility located at 15 Necco St. in Boston, MA. The property, spanning 346,000 square feet, is situated in the trendy Seaport District. The facility is being custom-built for Eli Lilly & Co. and will include retail and restaurant spaces on the ground floor, as well as a rooftop terrace with green spaces and flexible workstations. The project is expected to be completed by the end of 2023.

Summary of transaction details

  • Property Type: Life Science
  • Transaction Amount: $700,000,000
  • Address: 15 Necco St., Boston, MA
  • Market: Boston, MA

Alexandria Real Estate Equities, a California-based REIT, sold the stake in the life sciences facility to the U.S. affiliate of Japanese developer Mori Trust Co. Newmark represented both the buyer and the seller in the transaction, with Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay, and William Sleeper serving as brokers. The recapitalization of the project was also facilitated by Newmark.

Players

  • All

    7

  • Agents

    6

  • Agencies

    1

William (Will) Sleeper's profile picture
William (Will) Sleeper
Newmark-image
Senior Analyst
$739.7M Sold
Edward Maher's profile picture

Details

Deal Summary
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SOLD
IMAGE: Edward Maher, Matthew Pullen, Robert Griffin, Samantha Hallowell, William Sleeper & Alex Foshay DATE: 04/13/2023 ADDRESS: 15 Necco St. MARKET: Boston, MA ASSET TYPE: Life Science BUYER: Affiliate of Mori Trust Co SELLER: Alexandria Real Estate Equities BROKERS: Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Alex Foshay (@AlexFoshay) & William Sleeper - Newmark (@Newmark) SALE PRICE: $700,000,000 SF: 346,000 ~ PPSF: $2,023 NOTE: Alexandria Real Estate Equities, a California-based REIT, has sold a stake in a $700 million life sciences facility located in Boston's trendy Seaport District to a U.S. affiliate of Japanese developer Mori Trust Co. The 346,000-square-foot facility is being built as a custom project for Eli Lilly & Co. and will feature retail and restaurant space on the ground floor, as well as a rooftop terrace with green spaces and flexible workstations. The project is slated for completion before the end of 2023 and was recapitalized by Newmark.

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Address15 Necco Street

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