HCP Acquires Life Science Property Near Boston

   By Stephen Nakrosis

HCP Inc. (HCP) said Monday it reached a deal to acquire a 224,000-square-foot laboratory building in Cambridge, Mass.

The real estate investment trust said it would pay $322.5 million for the facility, which is adjacent to another property recently acquired by HCP and, combined with a future development opportunity, will create a modern campus of up to 440,000 square feet.

The newly acquired building, 35 CambridgePark Drive, is 100% leased to five life science tenants, HCP said.

Scott Brinker, Executive Vice President and Chief Investment Officer of HCP, said, "Class A life science real estate continues to experience unprecedented demand and the cluster strategy we have employed, combined with our mix of stabilized and development properties, will allow our tenants to grow within our portfolio."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 09, 2019 16:53 ET (20:53 GMT)

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