Alexandria acquires 303 Binney Street, 3.63-acre Kendall Square industrial site, for $80.25 million

Alexandria Real Estate Equities, a major player in the Kendall Square real estate market, has acquired 303 Binney Street, a 3.63-acre Kendall Square industrial property, for $80.25 million, or $22.1 million per acre. 303 Binney Street last sold in May 1967 for $78,000. Alexandria intends to build a new office or laboratory building at 303 Binney Street; the property is currently entitled for the development of 163,399 office or laboratory square feet, and Alexandria intends to seek additional entitlements.

Alexandria entered a purchase and sale agreement with Metropolitan Pipe and Supply Company, 303 Binney Street’s long time owner, in January 2017 to acquire the property and will lease 303 Binney Street to the seller on a short-term basis. Metropolitan Pipe and Supply Company has closed on its’ acquisition of 30 Inner Belt Road, a 8.2-acre industrial property in Somerville which will serve as the Company’s new home, for $35.75 million.

Alexandria is currently wrapping up construction of 50/60 Binney, a 541,000 square foot Kendall Square Class A lab and office building which will be home to the headquarters of Genzyme Corporation and Bluebird Bio, and is now building 100 Binney, a 431,500 square foot Kendall Square Class A lab and office building which will be home to Bristol-Myers Squibb and other tenants. Alexandria acquired the 644,771 square foot One Kendall Square office and retail campus in November 2016 from DivcoWest for $725 million, or $1,124 per square foot; DivcoWest had acquired One Kendall Square in January 2014 for $395 million, or $613 per square foot. Alexandria plans to develop an expansion to One Kendall Square in the near future.

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