Bain Capital Real Estate has sold existing technology belongings primarily based in Cambridge, Massachusetts. The purchaser was not named. The deal turned into valued at $128 million. Eastdil Secured L.L.C. recommended Bain Capital Real Estate on the transaction. Bain Capital Real Estate obtained the assets at 1030 Massachusetts Avenue in 2016 with Longfellow Real Estate Partners.
PRESS RELEASE
BOSTON – April 5, 2019 – Bain Capital Real Estate, the real property-making investment business of Bain Capital, announced it has closed on the sale of 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 at 1030 Massachusetts Avenue have been offered to a publicly traded REIT in a transaction worth $128 million.
Occupying a top area in Harvard Square with direct access to the 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 asset is the closest privately-owned laboratory/workplace constructed to Harvard University and is located inside strolling distance of the Massachusetts Institute of
Technology. The construction is home to a unique mix of set-up and developing lifestyles technology tenants – including Astellas, Mitobridge, and Obsidian Therapeutics – and Waypoint, the trendy eating place concept from award-triumphing chef Michael Scelfo.
Bain Capital Real Estate obtained 1030 Massachusetts Ave. In 2016, its operating partner in this asset, Longfellow Real Estate Partners, completed the 2013 conversion. This transaction is a prime instance of our thematic method of investing. In this example, we identified an appealing possibility to spend money on assets that align 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 by operating with the building’s tenancy inside the dynamic Cambridge leasing market, and we agree that the assets are positioned for destiny achievement. The Bain Capital Real Estate crew has invested more than 3.5 million square feet 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.
