Bain Capital Real Estate has sold a existence technology belongings primarily based in Cambridge, Massachusetts. The purchaser became not named. The deal turned into valued at $128 million. Eastdil Secured LLC recommended Bain Capital Real Estate on the transaction. Bain Capital Real Estate has first obtained the assets positioned at 1030 Massachusetts Avenue in 2016 with Longfellow Real Estate Partners.
BOSTON – April 5, 2019 – Bain Capital Real Estate, the real property making an investment business of Bain Capital, these days announced it has closed on the sale of a Class A life science belongings placed inside the coronary heart of Cambridge, Massachusetts, one of the world’s most important lifestyles technological know-how hubs. The assets, positioned at 1030 Massachusetts Avenue, has been offered to a publicly traded REIT in a transaction worth $128 million.
Occupying a top area in Harvard Square and with direct access to most appropriate research institutions, 1030 Massachusetts Ave. Became converted into a Class A, LEED Gold-certified laboratory building in 2013.
Today, the completely leased, 4-tale, seventy seven,805-rectangular-foot assets is the closest privately-owned laboratory/workplace constructing to Harvard University and is located inside strolling distance of the Massachusetts Institute of Technology. The constructing is home to a completely unique mix of set up and developing lifestyles technology tenants – including Astellas, Mitobridge, Obsidian Therapeutics – as well as Waypoint, the trendy eating place concept from award-triumphing chef Michael Scelfo.
Bain Capital Real Estate obtained 1030 Massachusetts Ave. In 2016 with its operating partner in this asset, Longfellow Real Estate Partners, who had completed the 2013 conversion.
“This transaction is a prime instance of our thematic method to making an investment. In this example, we identified an appealing possibility to spend money on a assets that aligns with key secular trends driving the life science actual estate market,” said Elizabeth Carrillo Thomas, a Managing Director of Bain Capital Real Estate. “During our ownership duration, we managed to power giant value introduction with the aid of operating with the building’s tenancy inside the dynamic Cambridge leasing market, and we agree with the assets is properly-positioned for destiny achievement.”
The Bain Capital Real Estate crew has invested in more than 3.5 million square toes of life sciences/lab area inside the U.S. Via acquisitions, improvement and repositioning across key cluster markets.
Eastdil Secured, L.L.C. Served as the special consultant to Bain Capital Real Estate.
About Bain Capital Real Estate
Bain Capital Real Estate become formed in 2018 and pursues investments in frequently difficult-to-get right of entry to sectors underpinned by enduring secular tendencies that force long-term demand growth for actual property assets and services. The Bain Capital Real Estate team has been executing its method since 2010 (formerly as a part of Harvard Management Company), having invested over $three.Eight billion of fairness in over four hundred belongings across a couple of sectors. Bain Capital Real Estate focuses on small to mid-sized assets in which the group applies its deep industry expertise to boost up effect and power operational improvements. Bain Capital Real Estate’s approach aligns with the price-brought investment technique that Bain Capital pioneered and leverages the firm’s international platform and vast enjoy across asset instructions to further bolster its insights and sourcing abilties.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners serves the precise needs of technology and era agencies and makes a speciality of the most innovative cluster places inside the US. The firm acquires and develops facilities in strategic places and builds lengthy-term relationships with studies-centric companies consisting of lifestyles technological know-how corporations, universities, scientific facilities, and research institutes.