LEXINGTON, MASS. — GE Real Estate has provided a $70 million loan for the refinancing of the Lexington Tech Park portfolio in Lexington. The portfolio comprises three Class A office and research properties — located at 125 Spring St., 300 Patriot Way and 500 Patriot Way — that total 278,905 square feet. The properties are situated on a 96.5-acre campus and are 89.4 percent leased to two major life sciences tenants. Two of the properties are fully occupied until 2023. The largest tenant is Shire, which is using the space as the global headquarters of its Human Genetic Therapies division. GE led a syndicate that included Worcester, Mass.-based Commerce Bank and Danvers, Mass.-based Danversbank to provide the funding, which also includes a $7.8 million line of credit for additional improvements and lease-up. Other terms of the loan include a 3-year term and a flexible fixed interest rate. David Douvadjian and Tom Welch of Colliers Meredith & Grew brokered the transaction. The borrower is Boston-based Patriot Partners.
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