WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC.
The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio.
Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months.
Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline.
“The adjacency to our 200 West St. lab space and our medical space at 195 West St. creates a significant opportunity for another life sciences cluster in the Waltham market,” says David Provost, senior vice president of development and co-head of the life sciences division at Boston Properties.
The stock price of Boston Properties opened at $120.67 per share on Monday, June 7, up from $104.85 per share a year ago.
— Taylor Williams