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| Rendering for planned Class A lab and biotech building, 830 and 828 Winter Street, Waltham, MA |
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| Greg LaBine |
BOSTON, MA – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $135 million in financing
for 830 and 828 Winter Street, an existing 185,000-square-foot, Class A
lab/biotech building plus a to-be-built lab/biotech facility in Waltham,
Massachusetts, a western suburb of Boston.
HFF worked on behalf of
the borrower, King Street Properties, in securing the financing through
Blackstone Mortgage Trust. Loan proceeds
will be used to refinance 830 Winter Street and construct 828 Winter Street, a
new lab/biotech building on the 830 Winter Street site.
830 Winter Street is
situated off Route 95/Route 128 at exit 27 in Waltham about 12 miles west of
Boston. This location places the asset
between Route 2 to the north and Interstate 90/the Massachusetts Turnpike to
the south and in close proximity to the new 1265 Main Street mixed-use
development.
Completed in 2001 as the
flagship headquarters for Praecis Pharmaceuticals, the property remains fully
leased today to ImmunoGen, GlaxoSmithKline and Histogenics Corporation. The new property, named 828 Winter Street,
will consist of a three-story, 144,910-square-foot, Class A lab/biotech
building with a four-level parking garage. King Street broke ground on the
project in October 2016 and is planning for a delivery date of July 2018.
The HFF debt placement
team representing the borrower was led by managing director Greg LaBine and director Porter Terry.
“King Street saw an
opportunity to capitalize on the tight suburban lab market and expand their
existing Waltham property to meet the growing demand,” said LaBine. “Blackstone shared their vision and provided
a creative and flexible solution for lab construction financing.”
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Public Relations
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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