Alloy Properties Acquires Life Sciences Portfolio for $859 per SF: Sources
By Greg Cornfield June 20, 2023 3:15 pm
reprints
A life sciences joint venture is putting down $365 million to acquire a five-property portfolio in the nation’s top market for lab and life sciences research and development, sources told Commercial Observer.
Alloy Properties, a national life sciences real estate platform backed by TPG Real Estate Partners, in a joint venture with Anchor Line Partners, added the assets in Cambridge and Waltham, Mass., which combine for approximately 425,000 square feet. The buyers announced the deal but did not reveal its value.
A person with knowledge of the transaction shared the price, equal to nearly $859 per square foot.
The Cambridge portfolio will serve as a so-called Graduate Research Opportunity campus, and the assets represent Alloy’s first lab campus fully dedicated to earlier-stage, high-growth companies. The Waltham side of the portfolio includes three buildings on the city’s Second Avenue, which is home to several global life sciences tenants.
The greater Boston area continues to build on its position as the strongest life sciences market and largest cluster of life sciences companies in the world, commanding further growth and investment. Indeed, Tishman Speyer recently secured the largest reported construction loan package in the United States so far in 2023 to begin building the Harvard Enterprise Research Campus.
“(Alloy’s) acquisition brings our footprint in Boston to 1.8 million square feet, making Alloy one of the largest life science real estate owners in the area,” Alloy’s Alicia Mistry Hinds said in a statement. “We are especially excited to announce our entry into Cambridge, a city known as the epicenter of life science globally.”
Alloy’s network of life sciences buildings now includes 21 properties in the Boston area. Since its formation in early 2020, the company has owned more than 4 million square feet of life sciences real estate across key clusters in Atlanta, Greater Boston, the San Francisco Bay Area, San Diego, Seattle and Raleigh-Durham, N.C. Meanwhile, Boston-based Anchor Line Partners has more than $2 billion of commercial real estate assets under management.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
