Boston Properties Builds on Its Growing Life Sciences Portfolio, Acquires Lab Properties in Waltham, Massachusetts

Rhea-AI Summary

Boston Properties (NYSE: BXP) has acquired two lab properties at 153 & 211 Second Avenue in Waltham, Massachusetts for $100 million. The buildings, totaling 153,000 square feet, are fully leased to a leading pharmaceutical company and strategically located near BXP’s existing properties, enhancing their life sciences portfolio. This acquisition boosts BXP’s lab and office space in the Waltham/Lexington region to 4.9 million square feet, aligning with the growing demand in the biotech sector.

Positive

• Acquisition of 153 & 211 Second Avenue expands BXP's lab portfolio in a prime location.
• Properties are 100% leased to a leading pharmaceutical company, ensuring stable revenue.
• Enhances synergy with existing facilities, creating a life sciences cluster that meets sector demand.

Negative

• None.

Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced today that it has acquired 153 & 211 Second Avenue, two lab properties comprising 153,000 square-feet in Waltham, Massachusetts, a highly desirable location for leading and emerging companies in the life sciences and biotechnology sector. The Company acquired the two lab buildings from an affiliate of Montana Avenue Capital Partners, LLC for a gross purchase price of $100 million in cash.

153 & 211 Second Avenue are 100% leased to a leading pharmaceutical company and are adjacent to BXP’s 200 West Street building, a 272,000 square feet property, a portion of which was recently converted to lab space, that is 100% leased to Translate Bio. The acquisition builds on BXP’s 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington region of Massachusetts.

“Waltham continues to be a dominant urban edge location for life sciences organizations that want to attract and retain highly-educated talent,” said Bryan Koop, Executive Vice President, Boston Region, BXP. “The 153 & 211 Second Avenue campus provides both location and amenities that offer long-term value for current and prospective clients and is another example of BXP’s ability to meet the growing demand of companies in the biotechnology sector.”

“The adjacency to our 200 West Street lab space and our medical space at 195 West Street creates a significant opportunity for another BXP life sciences cluster in the Waltham market. This complements our existing life sciences presence in the Waltham market and allows us to meet ongoing demand from this important sector,” stated David Provost, Senior Vice President of Development, Co-Head of BXP Life Sciences, Boston Properties.

About BXP Life Sciences

BXP Life Sciences consists of an existing portfolio of more than three million square feet focused on the specific needs of the life sciences industry, primarily in the leading innovation markets of Boston, Cambridge, and Waltham/Lexington, Massachusetts and San Francisco and Los Angeles, California. In addition, BXP has approximately six million square feet of life sciences-focused development opportunities, including approximately one million square feet of current lab developments and redevelopments in process that are expected to deliver in the next 24-36 months.

About Boston Properties

Boston Properties (NYSE: BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. Including properties owned by joint ventures, the Company’s portfolio totals 51.6 million square feet and 196 properties, including nine properties under construction/redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “will,” “expects,” “intends” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, Boston Properties’ ability to complete the developments and redevelopments referenced above on time or at all and other risks and uncertainties detailed from time to time in Boston Properties’ filings with the SEC. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210604005282/en/

FAQ

What did Boston Properties acquire recently?

Boston Properties acquired two lab properties at 153 & 211 Second Avenue in Waltham, Massachusetts for $100 million.

How much space do the newly acquired properties have?

The acquired properties comprise 153,000 square feet.

Who are the tenants of the newly acquired lab properties?

The properties are fully leased to a leading pharmaceutical company.

What is the strategic importance of this acquisition for BXP?

The acquisition enhances BXP's existing life sciences presence and creates synergies with adjacent properties.

How has this acquisition impacted BXP's portfolio?

This acquisition increases BXP's lab and Class A office properties in the Waltham/Lexington region to 4.9 million square feet.