BXP agrees to sell 45% interest in Kendall Square Life Sciences Properties
BXP has entered into agreements to sell a 45 percent interest in two life sciences development properties located in Kendall Square in Cambridge, Mass., to Norges Bank Investment Management at a gross valuation of approximately $1.66 billion or $2,050 per square foot.
The properties — 290 Binney Street and 300 Binney Street — total 810,000 square feet and are each 100 percent pre-leased. BXP will retain a 55 percent interest in the joint ventures and will provide development, property management and leasing services for the ventures. NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street. Upon closing of its investment in 290 Binney Street, NBIM’s investment will reduce BXP’s share of estimated future development spend over time by approximately $533.5 million.
290 Binney Street is a 16-story, 570,000-square-foot laboratory/life sciences property currently under construction and 100 percent pre-leased to AstraZeneca, with in