Boston— Newmark Knight Frank (NKF) has completed the $71 million recapitalization of 87 CambridgePark Drive in Cambridge, Massachusetts.
On behalf of King Street Properties and The Carlyle Group, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the recapitalization of the Class A laboratory asset with HCP, Inc., a leading real estate investment trust (REIT) based in Irvine, California and one of the largest owners of healthcare real estate in the United States.
Totaling 63,943 square feet, 87 CambridgePark Drive is presently 100 percent leased to Dicerna Pharmaceuticals and Ra Pharma, two cutting-edge, clinical-stage biopharmaceutical companies. The building underwent a full repositioning into an open, modern and collaborative workspace in 2014.
“87 CambridgePark Drive is a premier asset within Cambridge, one of the tightest real estate markets in the country,” said Pullen. “The city currently features a zero percent vacancy rate for Class A laboratory space and consistently posts Greater Boston’s highest rental rates.”
87 CambridgePark Drive enjoys a transit-oriented location within walking distance of the MBTA Red Line’s Alewife station. The property is surrounded by more than two million square feet of office, laboratory, residential and amenity space along CambridgePark Drive.