401 Park Update 02/04/21
Alexandria Real Estate Closes on $1.5 Billion Fenway Transaction
Landmark Center Owner Limited Partnership - a subsidiary of Samuels & Associates - sold the Landmark Center at 401 Park as well as 201 Brookline Ave to ARE-MA Region No. 88 Holding Limited Partnership - a subsidiary of Alexandria Real Estate Equities - in 2 transactions for $341,894,593.32 and $1,162,080,000.00. The BPDA approved the land transfer in January after the intended sale was initially announced.
"We are pleased to be developing this campus in a collaborative venture with esteemed local developer Samuels & Associates who has been the visionary for the Fenway for more than 20 years," said Peter Moglia, Co-Chief Executive Officer and Co-Chief Investment Officer at Alexandria Real Estate Partners. "I'd like to conclude by expressing our great pride and enthusiasm with the acquisition just recently closed 401 Park Drive, 201 Brookline, and a continuous development site that will provide Alexandria operating income and an ability to realize upside by marking rents to market, converting certain office and retail space to lab, completing the lease-up of 201 Brookline, and developing the future 400,000 square foot development opportunity into a world-class laboratory office building in the Fenway."