Alexandria To Buy 401 Park for $1.52B
Alexandria Real Estate Equities has announced plans to purchase 401 Park, the former Landmark Center for $1.52B. The property was acquired by Samuels & Associates for $530M in 2011 and has undergone significant renovations in recent years. Work is also underway on the site for 201 Park for a new 510,000 square foot R&D project, expected to be complete in 2022. The site also has the potential for another 400,000 square feet of development. The sale furthers the development of Fenway's life science hub. “Samuels & Associates is pleased to have reached an agreement with Alexandria Real Estate to recapitalize the 401 Park campus. Samuels will remain a partner in the project, responsible for management, leasing, and development at the site" said Diana Pisciotta, spokesperson for Samuels & Associates.
"The historic 401 Park building has been a groundbreaking Boston icon in the way it balances dynamic, innovative commercial tenants with an active set of retail, dining and community spaces that offer an unmatched civic experience. The design of 201 Brookline as a leading lab-ready building reflects our confidence that Fenway will continue to attract high-quality life sciences firms. Alexandria Real Estate’s tenure in this space, history of success and community-focused values matches Samuels’ vision for the future. We look forward to partnering with Alexandria on the management, leasing, and future development of this site.”