Clarion Partners buys Boston office property for $311m
Clarion Partners has paid $311.3 million, or $1,045 per square foot, for Riverview Center, a 297,636-square-foot office and laboratory property in Cambridge, Mass. The seller was Jamestown Properties.
Riverview Center, also known as 245 First, includes an 18-story tower with a 10-story class A office building situated above an eight-story, 351-space parking garage, as well as Cambridge Science Center, a six-story building with state-of-the-art life science space. Tenants include Akebia Theraputics, The Forsyth Institute, Horizon CombinatoRx and the Massachusetts Institute of Technology.
Jamestown acquired 245 First in December 2013 for $192.6 million from Equity Office, whose affiliate Beacon Properties acquired the property in November 1996 for $45 million.
Cambridge is one of the top markets for biotechnology and life sciences companies in the United States. Strength in the lab space market drives tightening in the Cambridge office market, according