Cambridge, MA Newmark Knight Frank (NKF) has completed the $71 million recapitalization of 87 CambridgePark Dr. On behalf of King Street Properties and The Carlyle Group, vice chairman Edward Maher, executive managing director Matthew Pullen, managing director James Tribble and director Samantha Hallowell of NKF’s Boston Capital Markets team oversaw the recapitalization of the class A laboratory asset with HCP, Inc., a leading real estate investment trust (REIT) based in Irvine, Calif. and one of the largest owners of healthcare real estate in the United States.
Totaling 63,943 s/f, 87 CambridgePark Dr. is presently 100% leased to Dicerna Pharmaceuticals and Ra Pharma, two clinical-stage biopharmaceutical companies. The building underwent a full repositioning into an open, modern and collaborative workspace in 2014.
“87 CambridgePark Dr. is a premier asset within Cambridge, one of the tightest real estate markets in the country,” said Pullen. “The city currently features a zero percent vacancy rate for class A laboratory space and consistently posts Greater Boston’s highest rental rates.”
87 CambridgePark Dr. features a transit-oriented location within walking distance of the MBTA Red Line’s Alewife station. The property is surrounded by more than two million s/f of office, laboratory, residential and amenity space along CambridgePark Dr.