Beal sells Cambridge Life Science Square to Alexandria REIT for $95.025 million
On behalf of The Beal Companies of Boston, Cushman & Wakefield of Massachusetts, Inc. today announced the $95,025,000 sale of Life Science Square, a multi-building property in Cambridge, MA. Its Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr., Marci Griffith Loeber and Elizabeth Carrillo Thomas and Cambridge leasing specialist Mark J. Winters exclusively represented the seller and procured the buyer -- Pasadena, CA-based Alexandria Real Estate Equities, Inc. -- in the transaction. Incidentally, this is the second transaction between The Beal Companies and Alexandria this year, with the sale of 300 Third Street in March 2006, located directly across the street from Life Science Square.
Life Science Squareconsists of 184,577 square feet of office/research/ development space, with 296 off-street parking spaces, set upon nearly seven acres of land (296,316 square feet). Currently 92.8% leased to thirteen tenants, the property serves as research and development facilities and office space for both emerging life sciences companies as well as established firms like Bayer and Orange Plc. The property, which has been part of The Beal Companies portfolio for almost 30 years, consists of seven lots, including three lots that are improved with cash flowing one-story lab, office and industrial buildings.
Life Science Squareis located in the heart of the 11.5 million square foot East Cambridge/Kendall Square submarket, widely considered to be the world's leading incubator for technology start-ups and a "must have" presence for global life sciences companies. Tenants repeatedly cite the presence of Harvard University and the adjacency of MIT as well as world-renowned research institutions including the Whitehead Institute for Biomedical Research and the Broad Institute, as the key reasons to locate in the Kendall Square area.
"Life Science Square presents a rare land banking opportunity for future uses in Kendall Square, while at the same time being a highly successful life sciences research cluster," said Marci Griffith Loeber, Executive Director of Cushman & Wakefield. "Regardless of the new owner's eventual plans for the area, Life Science Square will remain a thriving epicenter of research and development, which will only become more attractive as the area grows up around the property."
"Cambridge has long been a key component of our portfolio, and it is clearly a very desirable market right now, as evidenced by this transaction," said Bruce Beal of the Beal Companies. "This is a superb asset which lies at the epicenter of the biotech and life sciences industries, and we are confident the new owner will maintain its competitive position both within the Cambridge market and in the national arena. The Beal Companies look forward to remaining in Cambridge, and we are committed to continued investment there, as evidenced by our April purchase of the 676,000 square-foot Kendall Square complex."
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About The Beal Companies
Established in Boston in 1888, The Beal Companies, LLP ("Beal") is one of the oldest and most respected Real Estate Investment Firms in the region. Today, Beal is actively pursuing investments in all segments of the Real Estate Industry. The Beal Companies acts as a principal and invests in real estate on its own behalf, and on behalf of institutional and individual partners. Beal's core competencies include: Acquisition, Development, Asset Management, Construction Management, Consulting, and Brokerage of all forms of Commercial and Residential Properties, from new construction to historic preservation. A notable current development is The Clarendon, a 32-story residential high-rise in the historic Back Bay of Boston, which Beal is developing in a joint venture with The Related Companies. www.bealco.com
About Alexandria
Alexandria Real Estate Equities, Inc. ("Alexandria") is the largest owner and preeminent first-in-class international real estate investment trust focused principally on the ownership, operation, management, acquisition, redevelopment and selective development of properties containing office/laboratory space. Alexandria is the leading provider of real estate to the life science industry, and has an outstanding nine-year track record as a NYSE listed company with an approximate $4.6 billion total market capitalization (as of September 30, 2006). Alexandria provides high-quality real estate, technical infrastructure, services and capital to the broad and diverse life science sector. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biotechnology, medical device, life science product, service, biodefense and translational research entities, as well as government agencies. Alexandria's international operating platform is based on the principle of "clustering," with assets and operations strategically located in key life science hub markets.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Hartford, Connecticut; and Manchester, New Hampshire. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm's Web site at www.cushmanwakefield.com.
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