Jamestown sells Kendall Square tower to Clarion Partners for $311.25 million
Last Thursday (September 15th,
2016), Jamestown sold 245 First, a 298,000 square foot Kendall Square lab and creative office campus, for $311.25 million to Clarion Partners of New York City as recorded in the Middlesex South Registry of Deeds. The sale amounts to approximately $1,045 per square foot. 245 First includes 245 First Street, an 18-story tower with a ten-story Class A office building situated above an eight-story, 351-space structured parking garage, as well as Cambridge Science Center, a six-story building with state-of-the-art life science space. Jamestown acquired 245 First in December 2013 for $192.6 million from Equity Office, whose affiliate Beacon Properties acquired the property in November 1996 for $45 million.
Tenants at 245 First include Akebia Theraputics, who has leased approximately 40,000 square feet through August 2026 with an option to renew, The Forsyth Instutute, who has leased approximately 73,000 square feet through July 2024 with an option to renew, Horizon CombinatoRx, who has leased approximately 63,000 square feet through January 2017 with an option to renew, and Massachusetts Institute of Technology (MIT), who has leased approximately 20,000 square feet through December 2024 with an option to renew.
The following is the deed for Clarion Partners' acquisition of 245 First:
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