Harrison Street, The Bulfinch Companies (Bulfinch) and National Real Estate Advisors, LLC (National) have sold Cambridge Discovery Park (CDP), a three property life sciences campus in Cambridge, Massachusetts for $720 million.
Bulfinch will continue to serve as property manager and maintain a minority ownership interest in the park.
“The successful sale of this portfolio demonstrates Harrison Street’s life sciences investing expertise and unwavering focus on creating value for our investors and partners. Notably, we executed on our business plan for the portfolio, including stabilising the properties, nearly three years ahead of schedule and attracting best-in-class bioscience tenants. Supporting the life sciences sector by providing world-class facilities has never been more important and Harrison Street is committed to identifying attractive investment opportunities in key life sciences markets,” said Ben Mohns, Harrison Street’s Senior Managing Director and Head of Asset Management – North America.
The life sciences campus include three Class-A life sciences buildings and two parking garages totalling approximately 620,000 square feet located at 100 CDP, 200 CDP and 400/500 CDP in the West Cambridge submarket of Boston.
In partnership with Bulfinch and National, Harrison Street initially invested in the development of 400/500 CDP in December 2018, which had no tenants at the time, and in eight months leased 88 per cent of the property prior to completion of construction. Harrison Street later acquired ownership interests in both 100 CDP and 200 CDP in the spring and summer of 2019, respectively. The portfolio is currently 94 per cent leased on a combined basis.