CAMBRIDGE, MA–Harrison Street, one of the largest alternative real asset investment firms dedicated to the Education, Healthcare and Storage sectors, announced it has acquired Osborn Triangle from a subsidiary of the Massachusetts Institute of Technology, Harrison Street said in a statement.
The company did disclose the acquisition cost, but news reports said that the price of the prime real estate portfolio is over $1 billion.
Osborn Triangle is a state-of-the-art, multi-tenant office and laboratory complex located in East Cambridge/Kendall Square alongside some of the world’s top educational and research institutions.
Harrison Street partnered with the Bulfinch Companies, Inc., a Boston-based, private commercial real-estate investment, development and management firm, and a subsidiary of MIT, which retained a partial interest in the property. Under the arrangement, MIT will retain long-term ownership of the land.
Osborn Triangle is directly adjacent to MIT’s campus. The complex encompasses three buildings – 610 Main Street North, 1 Portland Street and 700 Main Street – with 676,917 square feet and an associated 650-space parking garage. Each building has been either recently renovated or built and the property is complemented by vibrant street-level retailers: Sulmona (Italian restaurant), Café Luna, Revela (an Aveda salon) and Boston Burger Company. The complex is fully leased to seven tenants and includes three anchor tenants: Pfizer, Inc., Novartis International AG, and LabCentral, an incubator for high-potential life-sciences and biotech startups.
Christopher Merrill, Harrison Street’s Co-Founder, Chairman and Chief Executive Officer, said, “We are thrilled to partner with MIT and the Bulfinch Companies to invest in and support one of the most cutting-edge neighborhoods serving the biotech, medical and scientific research and development communities. Harrison Street is committed to providing our tenants and communities we serve with high-quality facilities and world-class amenities and it is a privilege to be part of this vibrant Boston community for the long-term.”
Mark Burkemper, a Managing Director at Harrison Street, added, “Osborn Triangle is a one-of-a-kind complex serving as a global hub for the life science and innovation communities, supported by high barriers to entry and blue-chip tenant base. The East Cambridge/Kendall Square submarket is very attractive, with vacancy rates of less 1%, and we are excited by the opportunities to continue to enhance this already thriving neighborhood.”
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. The firm has created a series of defensive, differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 140-employees and approximately $20 billion in assets under management.