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HCP to purchase Cambridge, Mass., laboratory building for $333M

HCP Inc. agreed to purchase a 224,000-square-foot trophy life-sciences property in the Cambridge submarket of Boston for $332.5 million.

The building at 35 CambridgePark Dr., which comes with common amenity space of more than 10,000 square feet, is fully leased to five life-sciences tenants.

The healthcare real estate investment trust is acquiring the Leadership in Energy and Environmental Design Gold-certified laboratory facility from The DAVIS Cos. Inc. and Invesco Advisers Inc., doing business as Invesco Real Estate, in a deal slated to close in December.

The REIT said the building, combined with the adjacent property at 87 CambridgePark Dr. that was recently acquired by HCP and future development opportunity at 101 CambridgePark Dr., will form contiguous space of up to 440,000 square feet.