The Davis Companies sells the Alewife Research Center to Healthpeak Properties Inc. for $332.5 million

December 20, 2019 - Front Section
Alewife Research Center, 35 CambridgePark Drive - Cambridge, MA

Cambridge, MA The Davis Companies (TDC) completed the sale of the Alewife Research Center (the ARC), a newly developed class A laboratory building located at 35 CambridgePark Dr., to Healthpeak Properties Inc. 

Vice chairman Edward Maher, executive managing directors Matthew Pullen and James Tribble and director Samantha Hallowell of Newmark Knight Frank’s (NKF) Boston Capital Markets team – which is led by co-head of U.S. Capital Markets Robert Griffin – oversaw the transaction with a reported sale price of $332.5 million.

Developed by TDC in partnership with Invesco and completed in November of 2018, the ARC is a 224,305 s/f life science building with a 331-space parking garage. The property is presently 100% leased as a headquarters or mission-critical facility for five biopharmaceutical/biotechnology companies: Eisai, a global pharmaceutical firm headquartered in Japan that has established “The Eisai Center for Genetics Guided Dementia Discovery” at the ARC; Syros Pharmaceuticals, a company focused on controlling genetic expression; Ribon Therapeutics, a biotechnology company focused on discovering and developing small molecule inhibitors to block cancer cells’ ability to survive; Codiak BioSciences, a leader in the emerging field of exosome therapeutics, and Glympse Bio, a pioneer in the field of disease monitoring.

“Cambridge is one of the most sought-after life science destinations globally,” said 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.” 

The ARC is located near The Quad, an 8.6-acre emerging life sciences campus that is also owned and is being redeveloped by TDC, in joint venture with Invesco. 

“The Davis Companies was ahead of the market in its recognition of the Alewife area as an attractive life sciences hub and one of the primary relief valves for expanding life sciences firms that are confronted with rapidly escalating rents and low-to-zero vacancy rates in nearby Kendall Square,” said Duncan Gilkey, head of leasing at TDC. “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.”

The ARC benefits from a transit-oriented location adjacent to the MBTA Red Line, which provides its employees with access to Harvard Sq. and Kendall Sq./MIT. Convenient vehicular access from Boston’s western and inner suburbs is facilitated via proximity to Rtes. 2, 16 and 128 (I-95) and Fresh Pond Parkway. The asset is also located along the Minuteman Bikeway with connections to bicycle paths throughout the city, Lexington and Somerville. The property features a new craft beer and burger restaurant along with on-site amenities that include a tenant lounge, fitness center, locker rooms, bicycle room, indoor solarium and outdoor green space.

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