Forest City Realty Trust has entered into a joint venture with Madison International Realty to purchase the interest of Forest City’s partner in five assets at University Park at MIT, a 2.3 million-square-foot mixed-use science and technology park in Cambridge, Mass. The value of the ownership stake in the group of assets, which partially comprise 486,000 square feet of office space, is $302 million.
The office buildings — 300 Massachusetts Avenue, 350 Massachusetts Avenue and 38 Sidney Street — comprise a total of approximately 486,000 square feet of life science office space. The 975-space parking facility and the 50,000-square-foot commercial space adjoin the 210-key Le Meridian Cambridge-MIT hotel.
Forest City is the 100 percent owner of seven other life science office buildings and four multifamily apartment communities that are also part of the University Park at MIT campus.
