Diversified Healthcare Trust Sells Stake in Boston Life Sciences Complex for $108M

BOSTON — Diversified Healthcare Trust (NASDAQ: DHC) has sold a 10 percent equity interest in a two-building life sciences complex located at 11 Fan Pier and 50 Northern Ave. in Boston’s Seaport District for $108 million. The property comprises two 15-story buildings with a combined 1.1 million square feet of lab, office and retail space. The locally based REIT, which still owns another 10 percent stake, sold its interest to an existing joint venture partner that now owns 45 percent of the property. Diversified Healthcare Trust intends to use the proceeds from the sale to fund capital expenditures, reduce outstanding indebtedness and address other general business needs. At the time of sale, the property was 95 percent leased to Vertex Pharmaceuticals.