January 8, 2021
Alexandria Real Estate Equities has actually announced it has participated in a contract to buy 401 Park Drive as well as 201 Brookline Ave. from Samuels & & Associates for $1.5 billion. The office as well as research study university is located in Boston’s Fenway area as well as will include 1.8 million square feet of rentable room.
The 401 Park home was constructed in 1928 as a Sears, Roebuck and Co. circulation center and is residence to a variety of workplace and life science renters. It is 93% occupied throughout 973,000 rentable square feet. The residential or commercial property gets on the National Register of Historic Places and also is additionally a retail and also restaurant center. The building at 201 Brookline is a 510,000-square-foot, 14-story workplace as well as laboratory development presently incomplete with an estimated conclusion date of next year.
Alexandria is apparently additionally interested in acquiring an added 400,000 square feet of mixed-use space in the location, which, if it secures, will certainly raise its acquisition cost by $98 million.
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