Three-Building Complex in the heart of the World’s Leading Life
Sciences Market is Directly Adjacent to MIT and Anchored by Pfizer,
Novartis and LabCentral
CHICAGO–(BUSINESS WIRE)–Harrison Street, one of the largest alternative real asset investment
firms dedicated to the Education, Healthcare and Storage sectors, today
announced it 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. 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.
Osborn Triangle is directly adjacent to MIT’s campus. The complex
encompasses three buildings – 610 Main Street North, 1 Portland Street
and 700 Main Street – with 676,917 square feet and an associated
650-space parking garage. Each building has been either recently
renovated or built and the property is complemented by vibrant
street-level retailers: Sulmona (Italian restaurant), Café Luna, Revela
(an Aveda salon) and Boston Burger Company. The complex is fully leased
to seven tenants and includes three anchor tenants: Pfizer, Inc.,
Novartis International AG, and LabCentral, an incubator for
high-potential life-sciences and biotech startups.
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.”
About Harrison Street
Harrison Street is one of the leading investment management firms
exclusively focused on alternative real assets. The firm has created a
series of defensive, differentiated investment solutions focused on the
Education, Healthcare and Storage sectors. Headquartered in Chicago with
an office in London, the firm has more than 140-employees and
approximately $20 billion in assets under management. Clients of the
firm include a global institutional investor base from 11 countries. For
more information, please visit www.harrisonst.com.
Contacts
Media:
Nathaniel Garnick/Grace Cartwright
Gasthalter &
Co.
(212) 257-4170
