Harrison Street acquires 676,917 s/f Osborn Triangle complex from MIT

Cambridge, MA Harrison Street, one of the largest alternative real asset investment firms dedicated to the education, healthcare and storage sectors, has acquired Osborn Triangle from a subsidiary of the Massachusetts Institute of Technology (MIT) for an undisclosed amount. Osborn Triangle is a multi-tenant office and laboratory complex located in Kendall Sq. alongside some of the world’s top educational and research institutions. Harrison Street partnered with the Bulfinch Companies, Inc., and a subsidiary of MIT, which retained a partial interest in the property. Under the arrangement, MIT will retain long-term ownership of the land.

Osborn Triangle is adjacent to MIT’s campus. The complex encompasses three buildings – 610 Main St. North, 1 Portland St. and 700 Main St. – with 676,917 s/f and an associated 650-space parking garage. Each building has been either renovated or built and the property is complemented by street-level retailers: Sulmona, Café Luna, Revela and Boston Burger Company. The complex is fully leased to seven tenants and includes three anchor tenants: Pfizer, Inc., Novartis International AG, and LabCentral, an incubator for high-potential life-sciences and biotech startups.

Christopher Merrill, Harrison Street’s co-founder, chairman and CEO, said, “We are thrilled to partner with MIT and the Bulfinch Cos. to invest in and support one of the most cutting-edge neighborhoods serving the biotech, medical and scientific research and development communities. Harrison Street is committed to providing our tenants and communities we serve with high-quality facilities and world-class amenities and it is a privilege to be part of this vibrant Boston community for the long-term.”

Mark Burkemper, a managing director at Harrison Street, said, “Osborn Triangle is a one-of-a-kind complex serving as a global hub for the life science and innovation communities, supported by high barriers to entry and blue-chip tenant base. The East Cambridge/Kendall Sq. submarket is very attractive, with vacancy rates of less 1%, and we are excited by the opportunities to continue to enhance this already thriving neighborhood.”