Boston — Newmark Knight Frank (NKF) announced the completion of the sale last week of a majority stake in Osborn Triangle in Cambridge, MA to Harrison Street and Bulfinch Companies.
Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and 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 effort in conjunction with NKF Executive Managing Directors Mark Winters and David Townsend.
A subsidiary of MIT will retain the remaining interest in the asset as well as ownership of the land under a long-term ground lease.
In addition, NKF’s Boston Debt & Structured Finance team – which is led by Executive Managing Director David Douvadjian with Senior Managing Directors Brian Butler and Timothy O’Donnell and Director David Douvadjian, Jr. – represented the buyer in arranging debt financing for the transaction.
Totaling 677,000 square feet of state-of-the-art office and laboratory space, Osborn Triangle encompasses three buildings – 610 Main Street North, 1 Portland Street and 700 Main Street – and an associated 650-space, below-grade parking garage. Built in phases between 2012 and 2016, the complex is presently 100 percent leased to seven tenants and anchored by biopharmaceutical giant Pfizer (NYSE: PFE), global medicine company Novartis (NYSE: NVS) and first-of-its-kind life science/biotechnology incubator LabCentral. This office/laboratory component is complemented by street-level retailers Sulmona (Italian restaurant), Café Luna, Revela (an Aveda salon) and Boston Burger Company.
“This offering presented an exceedingly rare recapitalization opportunity to partner with a globally respected institution and invest in a world-class, urban office/laboratory complex,” said Maher. “Furthermore, East Cambridge/Kendall Square undoubtedly represents one of the United States’ most attractive destinations for tenants and investors alike.”
Osborn Triangle is located directly adjacent to the 166-acre campus of the Massachusetts Institute of Technology (MIT) and within walking distance of MBTA Red Line stations in Kendall and Central Squares. The asset is also surrounded by East Cambridge/Kendall Square’s unmatched cluster of global life science/technology giants and fast-growing start-ups anchored by Akamai, Amazon, Apple, Biogen, Boeing, Broad Institute, Cambridge Innovation Center, Draper, Google, Koch Institute and Microsoft.