According to a report in the Boston Globe, BOSTON – Alexandria Real Estate Equities is buying Fenway’s Landmark Center for $ 1.52 billion.
“The region’s largest life science real estate developer is taking a giant step toward Fenway, the newest sign of the region’s hot laboratory space market,” said Globus.
Alexandria Real Estate has signed a $ 1.52 billion deal to buy 401 Park – the Landmark Center complex on the corner of Brookline Avenue and Park Drive – and plans to expand it as a life sciences hub, the Globe said .
The Landmark Center is one of several buildings in the Fenway that the Globe says will be repositioned to house drug manufacturers, research laboratories, and other healthcare companies that want to be near the booming Longwood Medical Area.
According to The Globe, the property was bought by well-known Fenway developer Samuels & Associates in 2011 with financial support from a JP Morgan arm for $ 530 million.
“Samuels will remain a partner, managing the property and overseeing future development phases – another corner of the site is allowed for a 400,000 square meter office building – with Alexandria essentially replacing JP Morgan as the financial backer,” The Globe said.
“The historic 401 Park building was a landmark Boston icon as it blended dynamic, innovative commercial tenants with an active array of retail, dining and communal spaces that provide an unparalleled civic experience,” the Globe spokeswoman quoted as saying from Samuels, Diana Pisciotta proverb. “We are pleased with Alexandria’s vote of confidence.”
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