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King Street Properties acquires Boston pharmaceuticals building

by Zoë Wolff

King Street Properties and The Carlyle Group have purchased the headquarters of Praecis Pharmaceuticals in Waltham, Mass., for $104.2 million from Intercontinental Real Estate Corp.

The three-story R&D building sits on 17 acres just outside Boston. The 182,000-square-foot property is 100 percent occupied by the pharmaceutical company.

Intercontinental Real Estate acquired the building in 2005 from Praecis Pharmaceuticals for $51.3 million.

Forest City Enterprises recently purchased a 49 percent interest in the Massachusetts Institute of Technology’s University Park, a mixed-use life science campus in Cambridge, Mass., from Health Care REIT.

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