Boston Properties (BXP) acquires 125 Broadway in Kendall Square in Cambridge, MA, from Biogen for $592 million. The move aids its expansion efforts in the life sciences space in Cambridge.
Biogen Inc. has sold a six-floor lab building in Kendall Square to Boston Properties Inc. for $603 million and ended its lease early on a nearby office building, as part of its continued drive to shrink its real estate footprint.
BOSTON, September 20, 2022--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that it completed the acquisition of 125 Broadway, a six-story, 271,000 square foot laboratory/life sciences property. BXP purchased the property from Biogen for a gross purchase price of approximately $592.0 million. Biogen has signed a lease for and will continue to occupy the entire property through April 2028. BXP funded the purcha