CBRE IM Buys Boston Life Science Asset

300 Third St. Image courtesy of CBRE IM

A joint venture between a fund sponsored by CBRE Investment Management and a public REIT has acquired 300 Third St., a 132,000-square-foot life science property in Cambridge, Mass. Alexandria Real Estate Equities previously paid $72.7 million for the asset back in 2006, according to CommercialEdge data. CBRE IM is the majority owner.

Completed in 2000, the property comprises a six-story building including lab and office space, as well as a restaurant, with floorplates averaging 32,000 square feet and up to 13-foot ceiling heights. The building also offers 139 above-grade and subterranean parking spaces. Other amenities include bicycle parking, shower facilities, electric vehicle charging stations, LED lighting and HVAC systems. The property is fully leased to Alnylam Pharmaceuticals and the retail space is occupied by Fuji at Kendall, a sushi restaurant.

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Located at 300 Third St., within the Kendall Square/East Cambridge area of metro Boston, the transit-oriented property is less than half a mile from Main Street and close to MBTA’s Red and Green lines, connecting it to other major areas of the city.

The company is building a growing portfolio following the fund’s strategy to invest in value-add assets within the expanding life science sector. The new property marks the fund’s second investment in the area in the past three months, following the recent acquisition of an equity stake in a 432,931-square-foot building at 100 Binney St. The firm also acquired a partial interest in 40 Thorndike, a 475,000-square-foot office development in the East Cambridge area.