BOSTON– Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced today that it has acquired 153 & 211 Second Avenue, two lab properties comprising 153,000 square-feet in Waltham, Massachusetts, a highly desirable location for leading and emerging companies in the life sciences and biotechnology sector. The Company acquired the two lab buildings from an affiliate of Montana Avenue Capital Partners, LLC for a gross purchase price of $100 million in cash.
153 & 211 Second Avenue are 100% leased to a leading pharmaceutical company and are adjacent to BXP’s 200 West Street building, a 272,000 square feet property, a portion of which was recently converted to lab space, that is 100% leased to Translate Bio. The acquisition builds on BXP’s 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington region of Massachusetts.
“Waltham continues to be a dominant urban edge location for life sciences organizations that want to attract and retain highly-educated talent,” said Bryan Koop, Executive Vice President, Boston Region, BXP. “The 153 & 211 Second Avenue campus provides both location and amenities that offer long-term value for current and prospective clients and is another example of BXP’s ability to meet the growing demand of companies in the biotechnology sector.”
“The adjacency to our 200 West Street lab space and our medical space at 195 West Street creates a significant opportunity for another BXP life sciences cluster in the Waltham market. This complements our existing life sciences presence in the Waltham market and allows us to meet ongoing demand from this important sector,” stated David Provost, Senior Vice President of Development, Co-Head of BXP Life Sciences, Boston Properties.