A CBRE Investment Management fund has bought a stake in a 432,931sqft life sciences building in the US.
The unnamed fund, through a partnership with an institutional investor and a real estate investment trust, has acquired the 100 Binney building located in the Kendall Square neighbourhood of Boston, CBRE Investment Management said without naming the parties involved.
Financial details were undisclosed.
The 10-storey building, built in 2018, is fully-leased to several tenants.
Larissa Belova, a portfolio manager for CBRE Investment Management, said: “The life sciences sector has continued to see strong growth fuelled by the high influx of public and private funding amid a heightened focus on bioscience because of the COVID-19 pandemic.
“This emerging sector remains a key focus of our forward-looking investment strategy given our belief that the demand for quality lab and research spaces is expected to remain steady for the foreseeable future.”
Sondra Wenger, the head of Americas commercial operator division for CBRE Investment Management, said: “We believe that this purpose-built property adds significant value to the fund’s portfolio given that Boston is the nation’s leading life sciences market boasting an unparalleled pool of highly skilled talent, best-in-class infrastructure and strong innovation culture.
“100 Binney is already home to several leading life sciences firms, and we expect that it will continue to be an attractive hub of innovation and creativity.”
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