BXP Completes Sale of 45% Interest in Kendall Square Life Sciences Property
March 25 2024 - 7:15AM
Business Wire
Norges Bank Investment Management Closes on 290
Binney Street Joint Venture
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. NBIM’s investment will reduce BXP’s
share of the project’s estimated development spend over time by
approximately $533.5 million.
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 consummation of this joint venture completes NBIM’s
two-building investment in Cambridge, Massachusetts with 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 retains a 55%
interest in the joint ventures and provides development, property
management, and leasing services for the ventures. NBIM funded
approximately $212.9 million at closing for its investment in 300
Binney Street in late 2023.
About BXP Life Sciences
BXP Life Sciences consists of an existing portfolio of
approximately 3.9 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 South San Francisco and Los
Angeles, California. In addition, BXP has approximately 5.8 million
square feet of life sciences-focused development opportunities, as
well as approximately 1.6 million square feet of current lab
developments and redevelopments in process that are expected to
deliver in the next three years.
About BXP
BXP (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 December 31, 2023, including properties owned by
unconsolidated joint ventures, BXP’s portfolio totaled 53.3 million
square feet and 188 properties, including 10 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. These
statements are based on our current plans, expectations,
projections and assumptions about future events. 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 development project
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240325314914/en/
At BXP Laura Sesody Senior Vice President, Corporate
Marketing & Communications lsesody@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
BXP (NYSE:BXP)
Historical Stock Chart
From Sep 2024 to Oct 2024
BXP (NYSE:BXP)
Historical Stock Chart
From Oct 2023 to Oct 2024