MIT buys suburban Boston office campus for $105m
MIT has purchased the 415 Main St. office property in Cambridge, Mass., for more than $105.4 million. The seller was Boston Properties.
As part of its lease signed on July 14, 2004, MIT was granted a fixed price option to purchase the building at the beginning of the 11th lease year, and the option was exercised by MIT on Oct. 22, 2014, leading to the recent transaction close.
The asset at 415 Main St. is an office/technical property with approximately 231,000 net rentable square feet occupied by the Broad Institute.
Boston Properties has been selling assets in technology-oriented property markets, taking advantage of the higher valuations in the private real estate markets compared with the public markets. Recently, the REIT sold Innovation Place in San Jose for $207 million