BOSTON – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged $135 million in financing for 830 and 828 Winter Street, an existing 185,000-square-foot, Class A lab/biotech building plus a to-be-built lab/biotech facility in Waltham, Massachusetts, a western suburb of Boston.
HFF worked on behalf of the borrower, King Street Properties, in securing the financing through Blackstone Mortgage Trust. Loan proceeds will be used to refinance 830 Winter Street and construct 828 Winter Street, a new lab/biotech building on the 830 Winter Street site.
830 Winter Street is situated off Route 95/Route 128 at exit 27 in Waltham about 12 miles west of Boston. This location places the asset between Route 2 to the north and Interstate 90/the Massachusetts Turnpike to the south and in close proximity to the new 1265 Main Street mixed-use development. Completed in 2001 as the flagship headquarters for Praecis Pharmaceuticals, the property remains fully leased today to ImmunoGen, GlaxoSmithKline and Histogenics Corporation. The new property, named 828 Winter Street, will consist of a three-story, 144,910-square-foot, Class A lab/biotech building with a four-level parking garage. King Street broke ground on the project in October 2016 and is planning for a delivery date of July 2018.
The HFF debt placement team representing the borrower was led by managing director Greg LaBine and director Porter Terry.
“King Street saw an opportunity to capitalize on the tight suburban lab market and expand their existing Waltham property to meet the growing demand,” said LaBine. “Blackstone shared their vision and provided a creative and flexible solution for lab construction financing.”
King Street Properties is a private real estate investment management firm focused on serving the complex real estate needs of science-based companies and institutions. The company acquires, develops, owns and operates science-based real estate with a current portfolio of laboratory and office space totaling 1.25 million square feet concentrated in the core science submarkets of Boston, Massachusetts.