HCP to Acquire Cambridge Building for $333M
- Sep 10, 2019
HCP has entered into a definitive agreement to purchase a 224,000-square-foot life sciences office building in Cambridge, Mass., for $332.5 million from a joint venture between The Davis Cos. and Invesco Real Estate. The transaction is expected to close this December. The sellers developed the LEED Gold-certified property in 2018 using $115.8 million in construction financing provided by M&T Bank, according to Yardi Matrix data.
Located at 35 Cambridge Park Drive, the life sciences office asset is adjacent to the MBTA Alewife Red Line station and bus terminal and roughly 8 miles southeast of downtown Boston. The five-story building features 10,000 square feet of common-area amenities including a lobby with coworking space, a restaurant, a fitness center, lockers and bike storage, as well as green spaces and outdoor seating.
The property was fully leased at the time of the agreement to five companies, with an average lease term of 10 years and weighted average lease escalators of 3 percent. Per Yardi Matrix information, the tenant roster includes Syros Pharmaceuticals, Codiak BioSciences and Ribon Therapeutics.