January 6, 2020
The Davis Companies (TDC) recently completed the sale of the Alewife Research Center (ARC), a newly-developed speculative laboratory building in Cambridge, to Healthpeak Properties (formerly HCP). A venture of TDC and Invesco traded the property to Irvine, CA-based Healthpeak for a reported $332.5 million.
“Cambridge is one of the most sought-after life science destinations across the globe,” said NKF’s Matthew Pullen. “This offering represented a rare opportunity to acquire a newly-developed laboratory building within this land-constrained market, which consistently posts tight supply-demand fundamentals.”
Pullen and his NKF colleagues James Tribble, Samantha Hallowell and Mark Winters represented TDC and Invesco in the ARC sale. Completed in November 2018, the 224,305-square-foot facility is 100% leased to five biopharmaceutical/biotechnology companies.
“The sale of the ARC to a top-notch buyer like Healthpeak Properties Inc. is the culmination of exceptional teamwork throughout the development and lease-up of this outstanding property,” said TDC’s Duncan Gilkey.
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