Intercontinental Real Estate Corporation Acquires Majority Stake of 4 Blackfan Circle for $95 Million

Allston-based, Intercontinental Real Estate Corporation has acquired a majority stake of 4 Blackfan Circle located in the Longwood Medical Area of Boston and owned by Harvard for $95 million. The acquisition was funded via TD Bank.  Harvard’s space will be occupied by various HMS departments or subleased to third-party tenants. The sale transaction has been structured as a 99-year, unsubordinated leasehold interest between Harvard and Intercontinental Real Estate Corporation.

The property features a 192,140 square-foot condominium interest in 4 Blackfan Circle – a first-class life science research facility that comprises 270,281 square feet and is physically connected to the Longwood Medical Area campus of Harvard Medical School (“HMS”). The condominium interest is 100% leased to Harvard, Brigham and Women’s Hospital and the Dana-Farber Cancer Institute. The property also features a basement level, two animal behavior corridors and access to approximately 115 below-grade parking spaces (0.6 per 1,000) located in the adjacent building which will continue to be owned by Harvard.

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