BXP Completed Sale of 45% Interest in Cambridge Life Sciences Development to Norges Bank Investment Management

Benzinga · 03/25 11:23

BXP (NYSE:BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has completed the previously announced sale of a 45% interest in 290 Binney Street, a life sciences development located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management. NBIM's investment will reduce BXP's share of the project's estimated development spend over time by approximately $533.5 million.

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.

The consummation of this joint venture completes NBIM's two-building investment in Cambridge, Massachusetts with a gross valuation of approximately $1.66 billion or $2,050 per square foot. The properties – 290 Binney Street and 300 Binney Street – total 810,000 square feet and are each 100% pre-leased. BXP retains a 55% interest in the joint ventures and provides development, property management, and leasing services for the ventures. NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street in late 2023.