NBIM

BXP Completes Sale of 45% Interest in Kendall Square Life Sciences Property

Retrieved on: 
Monday, March 25, 2024
REIT, Science, Other Science, Commercial Building & Real Estate, Construction & Property, Norges Bank, Sale, AstraZeneca, NBIM, Kendall Square

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has completed the previously announced sale of a 45% interest in 290 Binney Street, a life sciences development located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management.

Key Points: 
  • BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has completed the previously announced sale of a 45% interest in 290 Binney Street, a life sciences development located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management.
  • 290 Binney Street is a 16-story, 570,000 square foot laboratory/life sciences property currently under construction and 100% pre-leased to AstraZeneca, with initial occupancy expected in April 2026.
  • The properties – 290 Binney Street and 300 Binney Street – total 810,000 square feet and are each 100% pre-leased.
  • BXP retains a 55% interest in the joint ventures and provides development, property management, and leasing services for the ventures.

BXP Agrees to Sell a 45% Interest in Kendall Square Life Sciences Properties

Retrieved on: 
Tuesday, November 14, 2023
REIT, Science, Other Science, Commercial Building & Real Estate, Construction & Property, Broad Institute, NYSE, AstraZeneca, Norges Bank, Heart, Boston, NBIM, Partnership, Kendall Square, Real assets, Self storage, BXP, Greater Boston

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has entered into agreements to sell a 45% interest in two life sciences development properties located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management at a gross valuation of approximately $1.66 billion or $2,050 per square foot.

Key Points: 
  • BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has entered into agreements to sell a 45% interest in two life sciences development properties located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management at a gross valuation of approximately $1.66 billion or $2,050 per square foot.
  • The properties – 290 Binney Street and 300 Binney Street – total 810,000 square feet and are each 100% pre-leased.
  • BXP will retain a 55% interest in the joint ventures and will provide development, property management, and leasing services for the ventures.
  • “We are delighted to deepen our longstanding partnership with Norges Bank Investment Management,” said Owen Thomas, Chairman & CEO, BXP.