Mori Trust Co Acquires $700M Life Science Facility In Boston From Alexandria Real Estate Equities | 15 Necco Street | William (Will) Sleeper, Alex Foshay, Samantha Hallowell, Robert (Rob) Griffin, Matthew (Matt) Pullen, Edward Maher | Other | Sale

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

Senior Analyst

$739.7M Sold

Alex Foshay

Vice Chairman, Divisional Head of International

$805M Sold

Samantha Hallowell

Managing Director

$4.2B Sold

Robert (Rob) Griffin

Co-Head of U.S. Capital Markets

$5.8B Sold

Matthew (Matt) Pullen

Executive Managing Director

$4.4B Sold

Edward Maher

Vice chairman

$4.6B Sold

Newmark

Details

Deal Summary

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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