Picture by Julia Koblitz through Unsplash
Alloy Properties, an affiliate of TPG Actual Property Companions, has acquired 5 life science property in Cambridge and Waltham, Mass.
The greenback worth of the transaction was not disclosed, and as of press time a TPG spokesperson was unable to supply different data requested by Business Property Government.
The properties whole about 425,000 sq. toes throughout metro Boston, which stays one of many nation’s strongest and fastest-growing life science markets.
Alloy is a nationwide life science and innovation platform backed by TREP and made the acquisition in a three way partnership with Anchor Line Companions, of Boston.
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The Cambridge portfolio, in accordance with Alloy, represents the corporate’s “first lab campus totally devoted to earlier-stage, excessive development corporations with a full suite of facilities, versatile lease phrases, and modular lab area” and is focusing on “corporations and founders within the post-incubation stage.”
The Waltham portfolio contains three Second Avenue buildings which might be residence to a number of world life science corporations.
In a ready assertion, Alicia Mistry Hinds, Alloy’s director of asset administration, famous that this acquisition brings the corporate’s Boston-area footprint to 1.8 million sq. toes, “making Alloy one of many largest life science actual property house owners within the space.”
Alloy now owns 21 life science buildings within the Boston metro, together with properties in and round Cambridge and others in Lexington, Waltham and Bedford, Mass.
A powerful life science market
The metro Boston life science sector has seen fast exercise on a number of fronts not too long ago.
On the finish of Might, Oxford Properties offered a brand new 140,000-square-foot GMP facility in Marlborough, Mass., to pharma and biotech firm Moderna (of COVID-19 vaccine fame) for $91 million.
In mid-Might, Greystar topped out 74M, a 465,000-square-foot life science constructing in Somerville, Mass., the developer’s first-ever life science mission. The constructing is a part of a $1.2 billion three way partnership between Greystar and the Canada Pension Plan Funding Board.
In mid-April, an affiliate of Alexandria Actual Property Equities Inc., together with Nationwide Growth, transferred a partial curiosity in a life science growth at 15 Necco St. in Boston to a U.S. affiliate of Mori Belief Co. Ltd. The 345,995-rentable-square-foot Class A mission is scheduled to ship late this 12 months. The deal was Mori Belief’s first life science transaction within the U.S.
And in March, Berkeley Investments acquired approval to develop a five-building, mixed-use, transit-oriented growth comprising 720,000 sq. toes of Class A lab, R&D area and workplace area and 252 condominium items at 176 Lincoln in Boston. The corporate plans to interrupt floor subsequent 12 months, with completion anticipated in 2028. The 5.2-acre website has been vacant for 35 years.
