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Alexandria Real Estate to sell two buildings for $419m

by Andrea Waitrovich

TIAA-CREF is under contract to acquire a stake in two properties totaling 464,212 square feet from Alexandria Real Estate Equities. Real Capital Analytics estimates the total property value to be $419 million.

The larger property serves as Biogen’s headquarters in Cambridge, Mass. TIAA-CREF will own 70 percent of the office asset while Alexandria will retain the remaining interest. The stake in the 306,210-square-foot office property has a sales price of approximately $190 million, and RCA values the property at more than $272 million.

Alexandria developed the three-property complex in suburban Boston in 2014. Biogen will lease the property until 2028. In 2014 the campus achieved LEED Gold Certification for Core and Shell from the U.S. Green Building Council.

The second property is an industrial R&D property in located at 1500 Owens St. in San Francisco. TIAA-CREF will own a 49.9 percent stake in the six-story building. Major tenants include

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