MetLife Investment Management (MIM), an affiliate of Alexandria Real Estate Equities, Inc. and Norges Bank Investment Management (NBIM) have formed a new joint venture to recapitalize 50 Binney and 60 Binney in Cambridge, Massachusetts, for $1.2 billion.
MetLife Investment Management acquired a 25 percent interest in the property, Norges Bank Investment Management acquired 41 percent ownership, and an Alexandria subsidiary retained a 34 percent interest.
Located in East Cambridge, 50 Binney and 60 Binney are two 10-story, Class A office and lab buildings with 532,395 square feet of leasable space and were built in 2017. The fully occupied property is leased to life science and retail tenants. The property was constructed by Alexandria Real Estate Equities, Inc.
“This new joint venture and the acquisition of 50 and 60 Binney reinforce our strategy to pursue top commercial real estate assets in strategic markets,” said Ashleigh R. Simpson, regional head of Acquisitions and Joint Ventures at MIM. “As life sciences real estate continues to experience heightened demand, we’re excited to add highly coveted properties to our portfolio that were purpose-built to meet the shortage of suitable office and lab space.”