BXP To Sell 45% Interest In Two Life Sciences Development Properties In Kendall Square In Cambridge, Massachusetts, To Norges Bank Investment Management At Gross Valuation Of $1.66B Or $2,050 Per Square Foot
Portfolio Pulse from Benzinga Newsdesk
Boston Properties, Inc. (BXP) has agreed to sell a 45% interest in two life sciences development properties located in Kendall Square, Cambridge, Massachusetts, to Norges Bank Investment Management. The transaction values the properties at a gross valuation of $1.66 billion, which equates to approximately $2,050 per square foot.
November 14, 2023 | 11:07 am
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Boston Properties is selling a 45% interest in two life sciences properties, indicating a strategic move to unlock value and potentially improve liquidity.
The sale of a significant stake in high-value properties is likely to be viewed positively by investors, as it demonstrates BXP's ability to realize gains from its assets and could provide capital for reinvestment or debt reduction. The high valuation per square foot also reflects the premium nature of the assets and BXP's strong positioning in the life sciences real estate market.
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