Davis Cos., Principal Global Investors Secure $491M for Lab Conversion in Cambridge

The Davis Cos. as well as Principal Global Investors have actually safeguarded a $491M funding for the acquisition and also conversion of a two-building office possession into a lab area in East Cambridge.

The properties include Charles Park One and also 2 across from the CambridgeSide Shopping mall. The buildings extend an overall of 405,000-square-feet and also are located nearby the Kendall Square submarket. Charles Park Two was developed in 1989 and also is currently 100% rented, while Charles Park One was constructed in 1995 and also is presently 81% rented.

Blackstone Home mortgage Trust fund gave the funding to Davis Cos. and Principal Global. Principal has owned the homes since 2004 as well as keeps a stake in the handle Davis for the financing.

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Published at Fri, 26 Mar 2021 18:00:20 +0000

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