Norges splashes $746.7m on Cambridge life sciences scheme
Norges Bank Investment Management has agreed to buy a 45% stake in a 810,000 sq ft life sciences development in Cambridge, Massachusetts, from New York-listed BXP.
The Norwegian investor has paid $746.7m (£600m) for the stake in Kendall Square, valuing the whole asset at $1.7bn.
The properties – 290 Binney Street and 300 Binney Street – are each 100% prelet.
Norges Bank Investment Management has agreed to buy a 45% stake in a 810,000 sq ft life sciences development in Cambridge, Massachusetts, from New York-listed BXP.
The Norwegian investor has paid $746.7m (£600m) for the stake in Kendall Square, valuing the whole asset at $1.7bn.
The properties – 290 Binney Street and 300 Binney Street – are each 100% prelet.
Owen Thomas, chairman and chief executive of BXP, said Norges’s investment demonstrated “the value placed by investors on well-located, well-leased premier workplaces with strong stewardship”.
“We are very pleased to grow our portfolio in Greater Boston,” said Mie Holstad, chief real assets officer at Norges. “The investment aligns with our long-term strategy and we are delighted to strengthen our partnership with BXP in a sector where we have high conviction.”
290 Binney Street is a 16-storey, 570,000 sq ft scheme, currently under construction and prelet to AstraZeneca. The space is expected to be completed in April 2026.
300 Binney Street is a six-storey, 240,000 sq ft redevelopment. It is prelet to the Broad Institute and completion is planned for January 2025.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
Photo © Louis Reed/Unsplash
