HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M
CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive.
Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years.
The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal.
“With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP.
HCP expects to close the acquisition in December. The REIT also recently purchased the adjacent 87 CambridgePark Drive facility as well as a future development site at 101 CambridgePark Drive. The acquisition of Alewife Research Center will give HCP about 400,000 square feet of contiguous life science space.
Established in 1985, HCP Inc. invests in real estate serving the healthcare industry in the United States. The Irvine, Calif.-based firm owns a large portfolio primarily diversified across life science, medical office and seniors housing.
HCP’s stock price closed on Monday, Sept. 9 at $35.10 per share, up from $26.63 a year ago.
— John Nelson