Alexandria Real Estate Equities disclosed in an earnings report that it has entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Dr. on the Alexandria Center for Life Science – Fenway Megacampus in Boston. The disposition of the office and lab building is expected to generate significant sales proceeds and to reduce future potential construction spend by approximately $136 million, with closing anticipated later in the fourth quarter.
The news comes after the announcement by tech incubator MassChallenge that it would move its global headquarters into 401 Park Dr., also part of the Fenway Megacampus. Alexandria paid $1.5 billion to Samuels & Associates in 2021 to acquire a block containing 401 Park, 421 Park and 201 Brookline.
Although Alexandria sold part of 421 Park to Boston Children’s Hospital for $173 million in 2023, the hospital said last year it was pausing its plans to move into the 268,000 square feet it acquired, citing budget constraints, according to the Boston Business Journal
The post Alexandria Divesting Part of Fenway Megacampus to Institutional User appeared first on Connect CRE.
​Â
