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A California real estate investor has completed its $332.5 million acquisition of Alewife Research Center, a speculative development that attracted five life science companies to West Cambridge’s growing lab cluster.
Healthpeak Properties, an Irvine, California-based REIT, paid nearly $1,485 per square foot for the 224,305-square-foot office-lab building and 331-space parking garage.
Boston-based Davis Cos. and Invesco partnered on the redevelopment which broke ground in early 2017 and was completed in November 2018. Developers partially demolished and expanded an office building on the 2.5-acre property at 35 Cambridgepark Drive to make room for the class A life science space featuring 40,000-square-foot column-free floor plates and 14.5-foot floor-to-floor heights.
The building is 100 percent leased to Syros Pharmaceuticals, Ribon Therapeutics, Codiak, Glympse Bio and Eisai Inc., a Japanese pharmaceutical company which has established a dementia research center at ARC.
Newmark Knight Frank’s Boston-based capital markets team represented the sellers.
