US office real estate manager BXP has expanded its life science portfolio with the acquisition of a $592m (€573.4m) property from Biogen.
The NYSE-listed premier workplaces property firm said it has bought 125 Broadway, a six-storey laboratory/life sciences property located in Kendall Square in Cambridge, Massachusetts.
BXP, which funded the deal with cash and borrowings, said it is evaluating opportunities to own the property with one or more joint venture equity partners.
Biogen has signed a lease for and will continue to occupy the entire property through April 2028. As part of the acquisition, BXP and Biogen have terminated their existing lease agreement at 300 Binney Street, an adjacent six-storey, 195,000sqft property developed by BXP in 2013, to facilitate the conversion and expansion of the property to 240,000sqft of laboratory/life sciences space.
Bryan Koop, executive vice president in charge of Boston Region at BXP, said: “We are thrilled to complete this acquisition and continue our longstanding relationship with Biogen.
“BXP has been an integral member of the Cambridge community since the development of our first property in 1981, and we are pleased to continue to grow and evolve Kendall Center to meet the needs of the life sciences community.”
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