BOSTON–BXP, the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced that it completed the acquisition of 125 Broadway, a six-story, 271,000 square foot laboratory/life sciences property.
BXP purchased the property from Biogen for a gross purchase price of approximately $592.0 million. Biogen has signed a lease for and will continue to occupy the entire property through April 2028. BXP funded the purchase price with cash and borrowings under its line of credit, and it is evaluating opportunities to own the property with one or more joint venture equity partners.
125 Broadway is adjacent to Kendall Center, BXP’s existing 2.2 million square foot portfolio in the heart of Kendall Square in Cambridge, MA, which is the largest and most important cluster of life sciences companies and research space in the United States.
In conjunction with the acquisition of 125 Broadway, BXP and Biogen terminated their existing lease agreement at 300 Binney Street, an adjacent six-story, 195,000 square foot property developed by BXP in 2013, to facilitate the conversion and expansion of the property to 240,000 square feet of laboratory/life sciences space. BXP also announced that it signed a 15-year lease with a prominent life sciences organization. The lease is expected to commence upon completion of the renovations in late 2024.
“We are thrilled to complete this acquisition and continue our longstanding relationship with Biogen,” said Bryan Koop, Executive Vice President, Boston Region, of BXP. “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.”
BXP Life Sciences consists of an existing portfolio of more than three million square feet focused on the specific needs of the life sciences industry, primarily in the leading innovation markets of Boston, Cambridge, and Waltham/Lexington, Massachusetts, Montgomery County, Maryland, and San Francisco and Los Angeles, California. In addition, BXP has approximately six million square feet of life sciences-focused development opportunities, including approximately one million square feet of current lab developments and redevelopments in process that are expected to deliver in the next 36 months.