87 & 200 CambridgePark Drive Update 07/24/16

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:


Deed One:

   


Deed Two:

   
(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.)

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