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JV To Buy $668M Science Campus in Cambridge, MA

Healthcare REIT Takes Minority Stake in Forest City's 1.2 Million SF University Park at MIT

By Laurie Forbes, CoStar News

February 23, 2010

Forest City Enterprises formed a $668 million partnership with Health Care REIT Inc., which included HCN buying a 49 percent interest in FCE's seven-building portfolio at University Park at MIT, a 1.2-million-square-foot life sciences campus in Cambridge, MA.

Univeristy Park at MIT, Cambridge, MA

HCN’s investment is valued at $327 million. The Toledo, OH-based senior housing and health care REIT will invest $170 million in cash, while the partnership will take on $320 million of secured debt.

The joint venture closed its acquisition of six buildings totaling $610 million on Monday, Feb. 22, and a $58 million closing on the last building is set for the second quarter.

FCE said its plan is to grow its life sciences business through joint ventures with capital partners. Part of HCN’s overall strategy is to partner with academic medical centers and life sciences organizations to invest in health care facilities attached to larger mixed-use developments.

“We believe [University Park's] assets have the ability to generate above average NOI growth due to the demand for space in this high quality market," said George L. Chapman, chief executive officer of HCN.

The Massachusetts Institute of Technology is right next to University Park. Novartis, Genzyme, Millennium (a subsidiary of Takeda Pharmaceuticals) and Brigham and Women's Hospital lead the tenant roster at the fully leased campus. Forest City, a Cleveland, OH-based real estate company, developed the science park in 1983 and will continue to manage the properties. The 27-acre campus is part of a mixed-use project that includes 674 residential units, 250,000 square feet of retail space and a 210-room hotel.

This is Forest City’s second joint venture announcement in less than a week. The company recently partnered with Bernstein Management and sold a 50 percent interest in a $250 million multifamily portfolio outside of Washington, DC.

If your firm currently occupies space or is looking to occupy space in Cambridge, please contact one of our Cambridge Office Space tenant representation specialists here.

Posted at 03/18/2010 12:50 PM

Categories: Boston Real Estate, Commercial Real Estate, Office Space, Cambridge Office Space

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