BOSTON–Alexandria Real Estate Equities is buying Fenway’s Landmark Center for $1.52 billion, according to a report in the Boston Globe.
“The region’s biggest life science real estate developer is making a major move into the Fenway, the latest sign of the region’s hot market for lab space,” the Globe said.
Alexandria Real Estate has a $1.52 billion deal in place to buy 401 Park — the Landmark Center complex on the corner of Brookline Avenue and Park Drive — and plans to build it out as a life science hub, the Globe said.
The Landmark Center is one of several buildings in the Fenway that are being repositioned to house drug makers, research labs, and other health care-related companies that want to be near the booming Longwood Medical Area, according to the Globe.
According to the Globe, the property was bought in 2011 by prominent Fenway developer Samuels & Associates, with financial backing from an arm of JP Morgan, for $530 million.
“Samuels will remain a partner and continue to manage the property and oversee future phases of development — another corner of the site is permitted for a 400,000-square-foot office building — with Alexandria essentially replacing JP Morgan as its financial backer,” the Globe said.
“The historic 401 Park building has been a groundbreaking Boston icon in the way it balances dynamic, innovative commercial tenants with an active set of retail, dining, and community spaces that offer an unmatched civic experience,” the Globe quoted Samuels spokeswoman Diana Pisciotta as saying. “We are pleased with Alexandria’s vote of confidence.”