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| Greg LaBine |
BOSTON, MA – HFF announced it has arranged financing
totaling $89 million for King Street Properties’ purchase of two laboratory
buildings near the Alewife MBTA Station in Cambridge, Massachusetts, for
a combined purchase price of $54.5 million.
Working on behalf of King Street Properties, LLC, HFF placed
both acquisition/repositioning loans through Cornerstone Real Estate Advisers,
acting on behalf of its advisory clients.
A $22 million, floating-rate loan was secured for 87 Cambridge Park
Drive and a $67 million, floating-rate loan was secured for 200 Cambridge Park
Drive.
87 Cambridge Park Drive is a 62,492-square-foot
office/laboratory building that is currently vacant.
200 Cambridge Park Drive is a vacant six-story
221,676-square-foot Class A office/laboratory facility that was most recently
renovated in 2004.
The properties are
located within walking distance to the Alewife MBTA station and along the Route
2 corridor, about five miles north of Boston.
Both properties will be renovated, repositioned and
re-leased by King Street. Cushman and
Wakefield is handling the leasing of both properties.
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| Alewife MBTA Station, Cambridge, MA |
According to King Street principals Thomas Ragno and Stephen
Lynch, “The properties have terrific laboratory infrastructure in place
already, as both were formerly owner-occupied by Pfizer.
"Our program of renovations to 200 Cambridge
Park Drive will include upgrades to the main lobby, a new dining area, new
fitness center and renovation of the tenant spaces.”
“King Street has a long and successful track record in
repositioning laboratory facilities in Waltham, Lexington and West Cambridge,”
said Greg LaBine, managing director at HFF. “In addition to the exceptional sponsorship, Cornerstone was
attracted to the high quality of the assets and the strength of the location.”
The HFF team representing the borrower was led by managing
director Greg LaBine.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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