REIT buys stake in office complex
Alexandria Real Estate Equities has agreed to purchase a 10 percent interest in Alexandria Technology Square from the Massachusetts Institute of Technology. The REIT previously owned a 90 percent interest in the property, which it acquired from MIT in 2006. The sales price for the 10 percent interest was $108.25 million. The 1.16 million-square-foot office complex is valued at $1.08 billion. Technology Square is located in the Kendall Square neighborhood of Cambridge, Mass. It totals seven buildings on 10.4 acres. Technology Square is 100 percent occupied. Major tenants include Novartis, Forrester Research, Dyax and TolerRX. The REIT recently purchased another office property in Cambridge from MIT for $176.5 million. The asset is located at 640 Memorial Drive and totals 225,748 square feet. It is 100 percent occupied. Major tenants include Sanofi and Boston Biomedical.