HCP Inc., an Irvine, Calif.-based REIT, has signed a definitive agreement to acquire life science property 35 CambridgePark Drive in Cambridge, Mass., for $332.5 million.
“With the acquisition of 35 CambridgePark Drive, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” said Scott Brinker, executive vice president and CIO of HCP. “Class A life science real estate continues to experience unprecedented demand and the cluster strategy we have employed, combined with our mix of stabilized and development properties, will allow our tenants to grow within our portfolio.”
The 224,000-square-foot LEED Gold certified lab building is being purchased from a partnership of The Davis Cos. and Invesco Real Estate, which developed the property in 2018.
The transaction is expected to close this December.
The five-story building features 10,000 square feet of common-area amenities including a lobby with co-working space, a restaurant, a fitness center, lockers and bike storage, as well as green spaces and outdoor seating.
35 CambridgePark Drive is 100 percent leased to five life science tenants composed of both established large-cap and emerging biopharmaceutical companies.
35 CambridgePark Drive is located in the Cambridge submarket of Boston, adjacent to HCP’s recently acquired property at 87 CambridgePark Drive and future development opportunity at 101 CambridgePark Drive. Combined, HCP has created up to 440,000 square feet of contiguous space across a modern campus.
