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Massachusetts Institute of Technology is ground-leasing its 1 Portland St. and 610 and 700 Main St. office and lab buildings to Boston-based Bulfinch Cos. and Harrison Street Capital in a deal valued at $1.1 billion, or $1,626 per square foot.
Known as the Osborn Triangle, the 100-percent leased campus totaling nearly 677,000 square feet is anchored by Pfizer Inc., Novartis International AG, and the LabCentral incubator.
MIT will ground lease the property to Bulfinch and Harrison Street, and reinvest the proceeds into other real estate initiatives, including its planned redevelopment of the Volpe Center property in Kendall Square and its ongoing Main Street development, according to a statement.
Retail tenants include Sulmona, Café Luna, Revela salon and Boston Burger Company.
Bulfinch Cos. is simultaneously seeking to expand the life science market in Cambridge’s Alewife neighborhood with a speculative development of a 280,000-square-foot office and lab building at its Cambridge Discovery Park campus.
Harrison Street Capital is an alternative asset manager headquartered in Chicago with $20 billion in assets under management.
