Harrison Street, a real estate investment management firm exclusively focused on alternative real assets, has acquired Osborn Triangle from a subsidiary of the Massachusetts Institute of Technology.
Osborn Triangle is a state-of-the-art, multi-tenant office and laboratory complex located in East Cambridge/Kendall Square alongside some of the world’s top educational and research institutions.
Osborn Triangle complex was developed by MIT over the past two decades and has helped transform what used to be a parking lot and vacant building into an anchor of the innovation ecosystem in Kendall Square. This complex includes 610 Main Street, 1 Portland Street, and 700 Main Street, and is currently leased to Pfizer, Novartis, and Lab Central. Osborn Triangle is directly adjacent to MIT’s campus.
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Harrison Street partnered with the Bulfinch Companies, Inc., a Boston-based, private commercial real-estate investment, development and management firm, and a subsidiary of MIT, which retained a partial interest in the property. Under the arrangement, MIT will retain long-term ownership of the land.
Christopher Merrill, Harrison Street’s Co-Founder, Chairman and Chief Executive Officer, said, “We are thrilled to partner with MIT and the Bulfinch Companies to invest in and support one of the most cutting-edge neighborhoods serving the biotech, medical and scientific research and development communities. Harrison Street is committed to providing our tenants and communities we serve with high-quality facilities and world-class amenities and it is a privilege to be part of this vibrant Boston community for the long-term.”
Mark Burkemper, a Managing Director at Harrison Street, added, “Osborn Triangle is a one-of-a-kind complex serving as a global hub for the life science and innovation communities, supported by high barriers to entry and blue-chip tenant base. The East Cambridge/Kendall Square submarket is very attractive, with vacancy rates of less 1%, and we are excited by the opportunities to continue to enhance this already thriving neighborhood.”
Source:Businesswire, MIT
