BioMed Realty Acquires Flagship Property in Boston’s Seaport District
601 Congress Street further builds on developer's premier life science real estate portfolio in Boston/Cambridge
BOSTON--(BUSINESS WIRE)-- BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, today announced the acquisition of 601 Congress Street in Boston, Massachusetts. The 482,000-square-foot LEED Platinum office building, which previously served as John Hancock’s corporate headquarters, provides a compelling life science conversion opportunity due to its robust mechanical and structural infrastructure, collaborative meeting areas and strong visual identity in the Seaport submarket. The converted building is scheduled to be delivered in the second half of 2022.
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601 Congress Street, Courtesy BioMed Realty
“We are very excited to expand BioMed Realty’s portfolio in Boston, further illustrating our conviction in the growth of the life science industry,” said Bill Kane, executive vice president of BioMed Realty. “We look forward to continuing to support the important, lifesaving work being done in the sector.”
“Greater Boston is rated among the top biotechnology clusters in the world driven by the extraordinary levels of talent, science and capital that are present within our regional life science ecosystem. We are seeing a heightened demand for more space among our existing tenants and new companies entering the market, and BioMed Realty’s current Boston portfolio is nearly 100% leased,” said Colleen O’Connor, vice president with BioMed Realty. “The acquisition of this large-scale, world-class building offers growth opportunities for our current tenant roster of over 230 life science companies and is ideally situated to welcome new tenant relationships into our BioMed portfolio.”
BioMed’s portfolio will include nearly 5.9 million square feet of high-quality assets strategically located throughout Cambridge and Boston following the closing of the previously announced acquisition of 2.3 million square feet of lab office space for $3.45 billion. The Company’s large-scale portfolio provides best-in-class real estate solution that allows tenants flexibility and facilitates their rapid growth.
601 Congress will anchor BioMed Realty’s presence in Boston’s Seaport district, an established life science market with proximity to top-tier research and education institutions in Boston and Cambridge, including Harvard University, Massachusetts Institute of Technology and Boston Children’s Hospital.
The Seaport District has been transformed in recent years and is fast becoming one of the most desirable neighborhoods in Boston. There is a 24/7 live, work, play environment with waterfront dining, retail, hotels, top tech and life science companies and a great mix of residential options – all walkable to downtown Boston. There is also easy access to the highway and mass transit.
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. As of December 31, 2020, BioMed owns and operates high quality life science real estate comprising 11.4 million square feet concentrated in leading innovation markets throughout the United States and United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 2.8 million square feet of Class A properties in active construction to meet the growing demand of the life science industry. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.
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Senior Director, Corporate Communications
Source: BioMed Realty
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