Alexandria Real Estate Equities to buy three life science assets in Boston for $1.5b

Alexandria Real Estate Equities has plans to purchase 401 Park Drive, 201 Brookline Ave., and one future development opportunity, located in the heart of the Greater Boston life science cluster market, for a purchase price of $1.52 billion, according to an SEC Filing. According to media reports, Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket.

The campus, aggregating 1.8 million rentable square feet (RSF), consists of the following:

401 Park Drive (operating property with future redevelopment opportunity): Highly amenitized, class A office/R&D building aggregating 973,145 RSF, currently 93 percent occupied with a future opportunity to convert up to 221,000 RSF, or 23 percent of the building, to office/laboratory space. 201 Brookline Ave. (active development): Of