GI Partners has added a 479,000sqft life science property to its US portfolio.
The private investment firm has invested an undisclosed sum to buy the 451 D Street asset in Boston, Massachusetts from Related Fund Management. Related Fund Management will retain a minority interest in the property and Related Beal will continue to serve as property manager.
Related Fund Management acquired the building in 2018 and since then Related Beal has made upgrades and renovations.
The 451 D Street asset is currently leased to biotechnology firms and data centre operators.
Patrick Sweeney, managing director of Related Fund Management, said: “Related is excited to partner with GI Partners on 451 D, a first-class life sciences asset that has seen great success in attracting innovative companies of all sizes.
“We continue to see tremendous value in this neighbourhood as a hub for the biotech sector in Boston and look forward to welcoming even more global leaders to this building.”
John Sheputis, managing director at GI Partners and head of acquisitions for GI Partners Real Estate, said: “This is an attractive asset that has experienced exceptional leasing velocity through careful execution and delivering best-in-class service and amenities.
“The integration of this mission-critical asset into our diversified life sciences portfolio is expected to deliver superior long term risk-adjusted returns.”
The technology and life sciences real estate portfolio managed by GI Partners Real Estate totals 37 properties comprising 8.3m sqft across multiple major US markets.
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