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Sign in Sign up for a FREE subscriptionBXP completes sale of 45% interest in Kendall Square life sciences property
BXP, the largest publicly traded developer, owner and manager of premier workplaces in the United States, today announced that it has completed the previously announced sale of a 45 percent interest in 290 Binney Street, a life sciences development located in Kendall Square in Cambridge, Mass., to Norges Bank Investment Management. NBIM’s investment will reduce BXP’s share of the project’s estimated 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 initial occupancy expected in April 2026.
The consummation of this joint venture completes NBIM’s two-building investment in Cambridge, with 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
