The Massachusetts Institute of Technology (MIT) this month purchased a four-building complex of biotechnology buildings in Cambridge from a family trust for $90.5 million.
Boston-based real estate services firm Colliers Meredith & Grew brokered the sale. Lisa Campoli, Joe Flaherty, Tom Hynes and Nick Herz at that firm represented the owner and procured the buyer.
The four properties total 148,116 sq. ft. and include 185 Albany Street and 195 Albany Street, which measure 48,000 sq. ft. each; 148 Sidney Street at 15,000 sq. ft.; and 149 Sidney Street at 37,116 sq. ft. The structures are fully leased, and MIT is one of the tenants. Other companies leasing space in the portfolio are Cubist Pharmaceuticals, Shire Pharmaceuticals and Acceleron Pharma.
The brokers attributed the successful sale in part to a thriving biotech market in Boston. “This sale demonstrates that despite today’s constrained capital markets, liquidity still exists for well-located assets in strong submarkets,” Campoli says.