Harrison Street JV Sells Life Science Campus for $720M
- Dec 09, 2020
Healthpeak Properties Inc. has acquired Cambridge Discovery Park, a three-building, 620,000-square-foot life sciences campus underway in the Boston suburb of Cambridge. The joint venture between The Bulfinch Cos., Harrison Street and National Real Estate Advisors sold the majority ownership interest in the Class A asset for $720 million. Bulfinch retained a small ownership interest and will remain the park’s property manager.
Bulfinch started construction on Cambridge Discovery Park in 2003, on the 27-acre former site of Acorn Park. The mixed-use, master-planned development currently comprises three life sciences and office buildings, a 150-key AC Marriott hotel and two parking garages. Another 100,000-square-foot building will be included in the property’s final phase of construction.
The 128,600-square-foot Building 100, the 201,800-square-foot Building 200 and the 286,000-square-foot Building 400-500 are located at 60 and 100 Acorn Park Drive and 400-500 Cambridge Discovery Park, within the Alewife Life Science Cluster. Designed by Stantec, the LEED Gold-certified, six-story assets came online in 2005, 2011 and 2020, respectively. On-site park amenities feature a café and bistro, two fitness centers, Blue Bikes, outdoor gathering spaces and walking trails.
The property was 94 percent leased at the time of sale, according to Harrison Street. The tenant roster includes Forrester Research, The Smithsonian Institution, FogPharma, LifeMine, Genocea Biosciences, Simcere Innovation, Senda Biosciences and Arbor Biotechnologies.
CDP is some 9 miles from downtown Boston and 4 miles northwest of downtown Cambridge, in an opportunity zone. Located just south of Route 2, the property is within walking distance of Alewife MBTA Red Line Station.