Transactions - FEBRUARY 11, 2014

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IN-DEPTH: Senior Housing Properties pays $1b for Boston properties

by Andrea Waitrovich

Senior Housing Properties Trust has agreed to acquire two office buildings located in Boston’s premier Seaport District for a purchase price of $1.125 billion. Here’s an in-depth look at the deal.


The two waterfront towers on Fan Pier are the headquarters for Vertex Pharmaceuticals, a global biopharmaceutical company, which relocated from Cambridge, Mass., and formally opened its new home office in the Seaport District. The sale comes about a week after the relocation.

The seller is The Fallon Co. The firm hired HFF to market the building last fall.

Senior Housing Properties Trust received a term loan commitment of $800 million from Jefferies Finance and Wells Fargo Bank as part of its effort to buy the Vertex properties.

The sale is

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