BXP To Sell 45% Interest In Two Life Sciences Development Properties In Kendall Square

(RTTNews) - BXP (BXP) has agreed to sell a 45% interest in two life sciences development properties located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management at a gross valuation of approximately $1.66 billion. The properties are 290 Binney Street and 300 Binney Street. BXP will retain a 55% interest in the joint ventures and will provide development, property management, and leasing services for the ventures.

290 Binney Street is a 16-story, 570,000 square foot laboratory/life sciences property currently under construction and 100% pre-leased to AstraZeneca. 300 Binney Street is a six-story property currently under redevelopment into 240,000 square feet of laboratory/life sciences space and 100% pre-leased to the Broad Institute.