BXP Completes Sale of 45% Curiosity in Kendall Sq. Life Sciences Property

BOSTON–BXP, the biggest publicly traded developer, proprietor, and supervisor of premier workplaces in the US, introduced that it has accomplished the beforehand introduced sale of a forty five% curiosity in 290 Binney Avenue, a life sciences growth situated in Kendall Sq. in Cambridge, Massachusetts, to Norges Financial institution Funding Administration.

NBIM’s funding will cut back BXP’s share of the undertaking’s estimated growth spend over time by roughly $533.5 million.

290 Binney Avenue is a 16-story, 570,000 sq. foot laboratory/life sciences property presently beneath development and 100% pre-leased to AstraZeneca, with preliminary occupancy anticipated in April 2026.

The consummation of this three way partnership completes NBIM’s two-building funding in Cambridge, Massachusetts with a gross valuation of roughly $1.66 billion or $2,050 per sq. foot. The properties – 290 Binney Avenue and 300 Binney Avenue – complete 810,000 sq. toes and are every 100% pre-leased. BXP retains a 55% curiosity within the joint ventures and offers growth, property administration, and leasing providers for the ventures. NBIM funded roughly $212.9 million at closing for its funding in 300 Binney Avenue in late 2023.

BXP Life Sciences consists of an present portfolio of roughly 3.9 million sq. toes centered on the particular wants of the life sciences business, primarily within the main innovation markets of Boston, Cambridge, and Waltham/Lexington, Massachusetts, Montgomery County, Maryland, and South San Francisco and Los Angeles, California. As well as, BXP has roughly 5.8 million sq. toes of life sciences-focused growth alternatives, in addition to roughly 1.6 million sq. toes of present lab developments and redevelopments in course of which can be anticipated to ship within the subsequent three years.

BXP is the biggest publicly traded developer, proprietor, and supervisor of premier workplaces in the US, concentrated in six markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.

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