ARE Completes $1.2 Billion Recapitalization for 500K SF+ Life Science Space in Kendall Square
Newmark announces the $1.2 billion recapitalization of 50 + 60 Binney Street, two state-of-the-art life science buildings located in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented Alexandria Real Estate Equities, Inc. and procured Norges Bank Investment Management and MetLife Investment Management for the transaction. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.
Presently 100% leased, 50 + 60 Binney Street features 500,000 SF+ of upper-level laboratory/office space and street-level retail space complemented by six levels of below-grade parking.
“50 + 60 Binney Street is a first-class asset in the life science epicenter of the world,” said Maher. “This transaction speaks to the strength of the Cambridge market and its continued appeal for tenants and owners alike.”
50 + 60 Binney Street is situated in Kendall Square, Cambridge’s primary life science destination. The asset benefits from a transit-oriented location between two MBTA subway stations—Kendall/MIT along the Red Line and Lechmere along the Green Line.