CAMBRIDGE, MASS. — King Street Properties has purchased two laboratory buildings near the Alewife MBTA Station in Cambridge for a combined price of $54.5 million. Working on behalf of the buyer, HFF arranged $89 million in acquisition and repositioning financing through Cornerstone Real Estate Advisers. A $22 million, floating-rate loan was secured for 87 Cambridge Park Drive, and a $67 million, floating-rate loan was secured for 200 Cambridge Park Drive. The buyer plans to renovate, reposition and re-lease the properties through Cushman & Wakefield. 87 Cambridge Park Drive is a vacant 62,492-square-foot office/laboratory, and 200 Cambridge Park Drive is a vacant six-story, 221,676-square-foot Class A office/laboratory facility that was most recently renovated in 2004. Greg LaBine led the HFF team representing the borrower in the transaction.
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