The region’s biggest life science real estate developer is making a major move into the Fenway, the latest sign of the region’s hot market for lab space.
Alexandria Real Estate Equities disclosed late Tuesday that it has a $1.52 billion deal in place to buy Landmark Center — the former Sears complex on the corner of Brookline Avenue and Park Drive — to continue developing it as a life science hub. The site is one of several in the Fenway that has been repositioned in recent years to house drug makers, researchers, and other health care-related firms that want to be near the Longwood Medical Area.
In documents filed with the Securities and Exchange Commission, Alexandria said it will keep developing the three-building, 1.8 million-square-foot complex with an eye to office and lab space. Samuels & Associates, which has led development of the project in recent years, is currently building 510,000 square feet of office and lab space at 201 Brookline Ave., which is set to open in 2022.
Samuels, which has developed much of that swath of the Fenway in recent years and turned the ground floors of Landmark Center into a vibrant food hall — before the COVID-19 pandemic hit — will continue to manage the property and lead development efforts. Alexandria, a national heavyweight in life science development and major builder in Kendall Square, will effectively replace JP Morgan Asset Management as owner of the property.
Alexandria declined comment. The publicly traded real estate trust is issuing stock to fund the purchase, which is expected to close in the next month or two.
It’s the latest in a string of key moves Alexandria has made in and around Boston, expanding from its roots in Cambridge’s Kendall Square as drug makers and other life science companies look for room to grow elsewhere in the region.
The company is at work on a 375,000-square-foot building on Binney Street in Cambridge, the latest in a line of new projects along that corridor. It’s also purchased ― and is seeking permitting for ― high-profile sites the Fort Point section of South Boston, Waltham, and Watertown — all emerging hotspots for Greater Boston’s life science industry. On Monday, the company replaced its longtime top executive in Boston — Tom Andrews — with a new local boss: Hunter Kass, who previously worked at MIT’s real estate investment arm.
Tim Logan can be reached at timothy.logan@globe.com. Follow him on Twitter at @bytimlogan.
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January 06, 2021 at 10:48PM
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Developer buying Fenway’s Landmark Center in $1.52b deal - BetaBoston
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