Asset manager Harrison Street Real Estate Capital LLC partnered with Bulfinch Cos. Inc. to buy the Osborn Triangle campus in Cambridge, Mass., from an affiliate of the Massachusetts Institute of Technology.
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 asset, along with long-term ownership of the land, according to the May 17 report.
The complex spans 676,917 square feet across 610 Main St. N., 1 Portland St. and 700 Main St., and includes a 650-space parking garage. The buildings are fully occupied by tenants including Pfizer Inc., Novartis International AG and LabCentral, and restaurants Sulmona, Café Luna, Revela and Boston Burger Co.
Israel Ruiz, MIT's executive vice president and treasurer, said the institute will the use the capital in new investment areas, including its Kendall Square Initiative project, its acquisition of 10 acres of land from the federal government as part of the Volpe Center redevelopment and improvements to the area surrounding the campus.