BXP to sell 45% interest in Kendall Square Life Sciences Properties

BXP has entered into agreements to sell a 45% interest in two life sciences development properties located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management at a gross valuation of approximately $1.66B or $2,050 per square foot. The properties total 810,000 square feet and are each 100% pre-leased. BXP will retain a 55% interest in the joint ventures and will provide development, property management, and leasing services for the ventures. NBIM funded approximately $212.9M at closing for its investment in 300 Binney Street and, upon closing of its investment in 290 Binney Street, NBIM’s investment will reduce BXP’s share of estimated future development spend over time by approximately $533.5M. 290 Binney Street is a 16-story, 570,000 square foot laboratory/life sciences property currently under construction and 100% pre-leased to AstraZeneca, with initial occupancy expected in April 2026. 300 Binney Street is a six-story property currently under redevelopment into 240,000 square feet of laboratory/life sciences space and 100% pre-leased to the Broad Institute, with projected occupancy expected in January 2025.