Printer-friendly version BOSTON, MA - July 8, 2014 – HFF announced today that 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.
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.
King Street Properties is a private real estate investment management firm focused on serving the complex real estate needs of science-based companies and institutions. The company acquires, develops, owns and operates science-based real estate with a current portfolio of over $150 million of laboratory and office space concentrated in the core science submarkets of Boston, Massachusetts. Kingstreetproperties.com
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information please visit www.cornerstoneadvisers.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.