BOSTON – The Davis Companies announced the sale of the Alewife Research Center , a newly developed Class A laboratory building located at 35 CambridgePark Drive in Cambridge, MA to Healthpeak Properties Inc.
Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of Newmark Knight Frank’s (NKF) Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction with a reported sale price of $332.5M.
Developed by the Davis Companies in partnership with Invesco and completed in November of 2018, Alewife Research Center (ARC) is a state-of-the-art, 224,305-square-foot life science building with a 331-space parking garage.
The property is presently 100 percent leased as a headquarters or mission-critical facility for five biopharmaceutical/biotechnology companies: Eisai, a global pharmaceutical firm headquartered in Japan that has established “The Eisai Center for Genetics Guided Dementia Discovery” at the ARC; Syros Pharmaceuticals, a company focused on controlling genetic expression; Ribon Therapeutics, a biotechnology company focused on discovering and developing small molecule inhibitors to block cancer cells’ ability to survive; Codiak BioSciences, a leader in the emerging field of exosome therapeutics, and Glympse Bio, a pioneer in the field of disease monitoring.
“Cambridge is one of the most sought-after life science destinations globally,” said Pullen. “This offering represented a rare opportunity to acquire a newly-developed laboratory building within this land-constrained market, which consistently posts tight supply-demand fundamentals.”
The ARC is just minutes away from The Quad, an 8.6-acre emerging life sciences campus that is also owned and is being redeveloped by The Davis Companies, in joint venture with Invesco.
“The Davis Companies was ahead of the market in its recognition of the Alewife area as an attractive life sciences hub and one of the primary relief valves for expanding life sciences firms that are confronted with rapidly escalating rents and low-to-zero vacancy rates in nearby Kendall Square,” said Duncan Gilkey, head of leasing at The Davis Companies. “The sale of the ARC to a top-notch buyer like HCP is the culmination of exceptional teamwork throughout the development and lease-up of this outstanding property.”
The ARC benefits from a transit-oriented location adjacent to the MBTA Red Line, which provides its employees with direct access to Harvard Square and Kendall Square/MIT. Convenient vehicular access from Boston’s western and inner suburbs is facilitated via proximity to Routes 2, 16 and 128 (Interstate 95) and Fresh Pond Parkway. The asset is also located directly along the Minuteman Bikeway with connections to bicycle paths throughout Cambridge, Lexington and Somerville. The property features a brand-new craft beer and burger restaurant along with on-site amenities that include a tenant lounge, fitness center, locker rooms, bicycle room, indoor solarium and outdoor green space.