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MIT sells Mass. campus for $1.1B; Boston office sale fetches $239M for LaSalle

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MIT sells Mass. campus for $1.1B; Boston office sale fetches $239M for LaSalle

Commercial real estate

* Asset manager Harrison Street Real Estate Capital LLC partnered with The Bulfinch Cos. Inc. to buy the Osborn Triangle campus in Cambridge, Mass., from an affiliate of Massachusetts Institute of Technology, or MIT. The three-building office and lab complex at Kendall Square reportedly changed hands in a deal worth $1.1 billion, the Boston Business Journal reported, citing three sources with knowledge of the transaction.

Harrison Street led the investment, while MIT reportedly retained a 10% stake in the 676,917-square-foot complex, along with long-term ownership of the land, according to the report.

* LaSalle Investment Management Inc. sold a 14-story office building in Boston's Financial District for about $238.7 million to an affiliate of Synergy Investments, Banker & Tradesman reported, citing data from the Suffolk County Registry of Deeds.

The 10 Post Office Square building offers 163,834 square feet and is assessed at about $54.9 million, according to the publication.

* Coworking giant WeWork Cos. Inc. raised about $103.8 million in a fundraising launched earlier in May, according to a filing with the SEC.

* Retail real estate investment trust Seritage Growth Properties entered into a partnership with shared workspace provider Industrious LLC to offer flexible work spaces at five properties in its portfolio, the first of which will open across 29,000 square feet in The Collection at UTC in San Diego by the second quarter of 2020, Commercial Observer reported, citing an Industrious spokeswoman.

Seritage and Invesco Real Estate own the 12-acre property that will serve as Industrious' first location in the city.

* Swift Real Estate Partners paid $115 million to acquire an office building at 1333 Broadway Ave. in Oakland, Calif., from CIM Group LLC, the San Francisco Business Times reported. The deal translates to about $454 per square foot for the 10-story, 253,000-square-foot building, which is anchored by Delta Dental.

* Google LLC spent $137.5 million on the purchase of three office buildings in north San Jose, Calif., which expands its total land ownership in the city to 1.27 million square feet, including five office buildings and three industrial buildings, The Mercury News reported, citing official records filed with Santa Clara County.

The three acquired properties span 332,000 square feet at 4550 N. First St., 65 Nortech Parkway and 95 Nortech Parkway.

* New England Development Inc. sold the 300,000-square-foot Meadow Glen shopping center in Medford, Mass., to an affiliate of German asset management company DWS for $85.7 million, the Boston Business Journal reported, citing a Middlesex County deed.

Housing

* According to The Wall Street Journal, the previous financial crisis, which occurred when the millennial generation was entering the job market, may be why the homeownership rate among households headed by people under 35 was only 35.4% as of the first quarter, with the rest potentially guarded and wary of the housing market. Citing the Census Bureau, the paper added that the homeownership rate among people in that age group was about 40% in 1999.

A preference for urban living among millennials is also leading to fewer home sales compared to previous generations, and fewer millennials in their 30s have migrated to the suburbs compared to previous generations, according to the publication.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 0.57% to 27,787.61, while the Nikkei 225 rose 0.24% to 21,301.73.

In Europe as of midday, the FTSE 100 was down 0.74% to 7,293.91, and the Euronext 100 was down 1.13% to 1,047.06.

On the macro front

The Chicago Fed National Activity Index is due out today.

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