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A life science developer that’s partnering on Harvard University’s next Allston project is adding an East Cambridge office property to its real estate portfolio.

Breakthrough Properties acquired the 1 Canal Park office complex in East Cambridge for $133 million from an affiliate of Boston-based Intercontinental Real Estate.

The complex completed in 1992 contains 105,580 square feet of office space, according to assessors’ records. The price equates to nearly $1,300 per square foot.

Life science developers have been coveting office buildings in Cambridge for conversions into labs, as the Bay State biotech industry seeks research space amid historic levels of venture capital investment. The Lechmere Canal area is filling in gaps in the industry cluster between Kendall Square and DIvcoWest’s new Cambridge Crossing development.

Average asking lab rents in East Cambridge now top $116 per square foot, according to CBRE’s Marketview research report. The 13.2 million-square-foot submarket had a vacancy rate of just 0.8 percent at the end of the second quarter. 

New England Development is converting former Sears and Macy’s anchor spaces at its Galleria mall into labs and offices, while Alexandria Real Estate Equities revealed last month it has the One Charles Park and One Rogers St. office buildings under agreement for $815 million.

Breakthrough is a life science platform formed in 2019 by developer Tishman Speyer and Bellco Capital that made its first acquisition in South Boston, a 263,500-square-foot lab development site at 105 A St. that’s leased to CRISPR Therapeutics.

The firm was selected by Harvard Allston Land Co. in 2019 to develop the first phase of its Harvard Enterprise Research Campus development on Western Avenue.