BXP Expands Life Sciences Portfolio in Kendall Square in Cambridge, MA
September 20 2022 - 6:45AM
Business Wire
Completes Acquisition of 125 Broadway &
Signs Lease to Redevelop 300 Binney Street
BXP (NYSE: BXP), the largest publicly traded developer, owner,
and manager of premier workplaces in the United States, announced
today that it completed the acquisition of 125 Broadway, a
six-story, 271,000 square foot laboratory/life sciences property.
BXP purchased the property from Biogen for a gross purchase price
of approximately $592.0 million. Biogen has signed a lease for and
will continue to occupy the entire property through April 2028. BXP
funded the purchase price with cash and borrowings under its line
of credit, and it is evaluating opportunities to own the property
with one or more joint venture equity partners.
125 Broadway is adjacent to Kendall Center, BXP’s existing 2.2
million square foot portfolio in the heart of Kendall Square in
Cambridge, MA, which is the largest and most important cluster of
life sciences companies and research space in the United
States.
In conjunction with the acquisition of 125 Broadway, BXP and
Biogen terminated their existing lease agreement at 300 Binney
Street, an adjacent six-story, 195,000 square foot property
developed by BXP in 2013, to facilitate the conversion and
expansion of the property to 240,000 square feet of laboratory/life
sciences space. BXP also announced that it signed a 15-year lease
with a prominent life sciences organization. The lease is expected
to commence upon completion of the renovations in late 2024.
“We are thrilled to complete this acquisition and continue our
longstanding relationship with Biogen,” said Bryan Koop, Executive
Vice President, Boston Region, of BXP. “BXP has been an integral
member of the Cambridge community since the development of our
first property in 1981, and we are pleased to continue to grow and
evolve Kendall Center to meet the needs of the life sciences
community.”
About BXP Life Sciences BXP Life Sciences consists of an
existing portfolio of more than three million square feet focused
on the specific needs of the life sciences industry, primarily in
the leading innovation markets of Boston, Cambridge, and
Waltham/Lexington, Massachusetts, Montgomery County, Maryland, and
San Francisco and Los Angeles, California. In addition, BXP has
approximately six million square feet of life sciences-focused
development opportunities, including approximately one million
square feet of current lab developments and redevelopments in
process that are expected to deliver in the next 36 months.
About BXP Boston Properties (NYSE: BXP) is the largest
publicly traded developer, owner, and manager of premier workplaces
in the United States, concentrated in six markets - Boston, Los
Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP
is a fully integrated real estate company, organized as a real
estate investment trust (REIT), with more than 50 years of
experience developing, owning, managing, and acquiring exceptional
properties in dynamic gateway markets. As of June 30, 2022,
including properties owned by unconsolidated joint ventures, BXP’s
portfolio totals 53.7 million square feet and 193 properties,
including 12 properties under construction/redevelopment. For more
information, please visit our website at www.bxp.com or follow us
on LinkedIn or Instagram.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “will,” “expects,” “intends” and
similar expressions that do not relate to historical matters. You
should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown
risks, trends, uncertainties and other factors which are, in some
cases, beyond BXP’s control and could materially affect actual
results, performance or achievements. These factors include,
without limitation, BXP’s ability to complete the conversion and
redevelopment referenced above on time, within budget or at all,
and other risks and uncertainties detailed from time to time in
BXP’s filings with the SEC. BXP does not undertake a duty to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220920005312/en/
At the Company Rebecca Stoddard Marketing Director,
Boston Region rstoddard@bxp.com
Laura Sesody Vice President, Corporate Marketing &
Communication lsesody@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
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