$135 million financing arranged for 330,000-square-foot Waltham life science office development
King Street Properties has acquired nearly $135 million in financing for 828 and 830 Winter Street, an approximately 330,000-square-foot Waltham life science office development located just off of Route 128 that, upon full completion, will be the greater Boston area's largest multi-tenant lab campus outside of Cambridge. The funds will be used to refinance 830 Winter Street, an existing 185,000-square-foot, 100%-leased building, and construct 828 Winter Street, a 144,910-square-foot speculative building scheduled for completion in July 2018.
Holliday Fenoglio Fowler, L.P. (HFF) arranged financing for 828 and 830 Winter Street through Blackstone Mortgage Trust; the exact amount of financing is $134,767,500. “King Street saw an opportunity to capitalize on the tight suburban lab market and expand their existing Waltham property to meet the growing demand,” said HFF Managing Director Greg LaBine in a prepared statement. “Blackstone shared [King Street's] vision and provided a creative and flexible solution for lab construction financing.”
King Street breaks ground on 144,910-square-foot life science office building in Waltham
King Street Properties has broken ground on 828 Winter Street, a 144,910-square-foot speculative life science office building located in Waltham just off of Route 128. Scheduled for completion in Summer 2018 and now leasing, 828 Winter Street will feature 48,000-square-foot floor plates and will be located adjacent to 830 Winter Street, a 185,000-square-foot, 100%-leased building owned by the proponent. Together, at 330,000 square feet, the two buildings will comprise the largest multi-tenant campus outside of Cambridge.
Wave Life Sciences anchors new Lexington life science office building
Wave Life Sciences, a preclinical genetic medicine company specializing in treating rare diseases, has leased 58,000 square feet of office space across two floors at King Street Properties' new 91,000 square foot Lexington life science office building, 115 Hartwell Avenue, Banker & Tradesman reports. Wave raised $102 million in an initial public offering (IPO) last year. 115 Hartwell Avenue is slated for completion in the first quarter of 2017.
King Street Properties recapitalizes renovated Alewife lab building with new partner in $43.4 million deal
This past Friday (July 22nd, 2016), local life science real estate investor King Street Properties recapitalized its' recently-renovated, fully-leased lab building at 87 CambridgePark Drive in a $43.4 million deal. As part of the deal, a new investment partner for 87 CambridgePark Drive, Washington, DC-based global alternative asset manager The Carlyle Group, was brought on board. King Street Properties and The Carlyle Group also secured a $24.7 million mortgage for 87 CambridgePark Drive on Friday through Boston Private Bank & Trust Company.
King Street Properties acquired the two-story, 62,492 square foot 87 CambridgePark Drive in June 2014 for $14.8 million from then-owner Pfizer. King Street Properties also acquired neighboring six-story, 221,676 square foot 200 CambridgePark Drive from Pfizer in June 2014 for $39.75 million. King Street Properties proceeded to renovate both buildings and sold the newly-renovated, fully-leased 200 CambridgePark Drive in December 2015 to Morgan Stanley Real Estate Investing for $165.5 million. The renovations of 87 and 200 CambridgePark Drive cost a total of $112 million. A total of $89 million in financing for the renovations was secured in July 2014 through HFF, including $22 million for 87 CambridgePark Drive and $67 million for 200 CambridgePark Drive.
Existing tenants at fully-leased 87 CambridgePark Drive include biotech firm Dicerna, who is leasing 37,000 square feet and moved into its' open floor plan office in February 2015. Ra Pharma, the building's second tenant, leases approximately 26,623 square feet. Tenants at fully-leased 200 CambridgePark Drive include Celgene and Amgen, as well as the headquarters of King Street Properties.
A total of two deeds totaling approximately $43.4 million were recorded Friday for the recapitalization of 87 CambridgePark Drive. The following are the deeds for the recapitalization as recorded in the Middlesex South Registry of Deeds:
(Note: King 87 CPD LLC is managed by King Street Properties. CPI/King 87 CPD Owner LLC is managed by King Street Properties and The Carlyle Group.)