11 Fan Pier Boulevard & 50 Northern Avenue Update 04/04/17

Anonymous investor acquires 45% stake in Vertex Pharmaceuticals’ Seaport District campus for $261 million


An anonymous financial investor has paid $261 million to acquire a 45% equity stake in Vertex Pharmaceuticals’ 1.1 million square foot, two-building Seaport District global headquarters campus. Senior Housing Properties Trust (SNH), who acquired the campus for $1.1 billion in May 2014, retains a 55% majority stake in the campus and will continue to manage the property. The anonymous investor’s $261 million investment is based on the campus’ present valuation of $1.2 billion, with under $620 million of existing secured debt on the property.


SNH closed last July on a new 10-year, $620 million mortgage on the campus provided by Morgan Stanley and Citi Bank with a fixed interest rate of 3.53%; the loan will mature in August 2026. “This transaction highlights the increased value of these two well-located, well-leased buildings since we acquired them less than three years ago,” said SNH President & COO David Hegarty in a statement. “This transaction also reduces our investment portfolio’s concentration in this property and reduces our overall leverage.”


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