Boston, MA

INVESTMENT SALE OF THE YEAR

CAMBRIDGE LIFE SCIENCE PORTFOLIO

Colliers Meredith & Grew successfully brokered the sale of a 148,116 square foot portfolio of life science properties on behalf of a private family trust to the Massachusetts Institute of Technology for $90.5 million in May, 2008.

The portfolio, known as the Cambridge Life Science Portfolio, consists of four biotechnology properties -185 Albany Street (48,000 square feet), 195 Albany Street (48,000 square feet); 148 Sidney Street (15,000 square feet) and 149 Sidney Street (37,116 square feet).

At the time of sale the portfolio was 100% leased to four tenants including MIT, Cubist Pharmaceuticals, Shire Pharmaceuticals, and Acceleron Pharma. The portfolio includes nearly four acres of land and allows for approximately 75,000 square feet of expansion under current zoning.

Through the well-coordinated efforts of their life science specialists and investment sales experts, Colliers Meredith & Grew achieved premium pricing ($611 SF) and broke new ground for Class B lab property values.  Through a broad marketing outreach, the sale team received a dozen serious offers from a range of buyers including pension funds, REITS, private investors and users.

In addition to being the largest investment sale in 2008 outside of the City of Boston, the sale of the Cambridge Life Science Portfolio is significant given the fact the sale was put under contract in 2007 and held together during a 12-month closing delay.

The team’s ability to consummate the sale in the face of the expanding credit crisis and the faltering economy is a testament to the hard work and determination of all parties.

Lisa Campoli, Joseph P. Flaherty, Nicholas Herz and Thomas Hynes of Colliers Meredith & Grew represented the seller.  MIT represented themselves.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,749 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 million square feet, and has revenue of $US 1.6B.

Contact Information

Joseph P. Flaherty
Executive Vice President

Colliers Meredith & Grew
160 Federal Street, 11th Floor
Boston, MA 02110

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