Alexandria Real Estate Equities has paid $275 million ($1,124 per square foot) for One Kendall Square in Cambridge, Massachusetts. It’s the largest sale in the Boston area for 2016 based on a total transaction size and per-square-foot basis. The mixed use property’s office, laboratory and retail space was 99 percent leased at the time of the sale. Anchor tenants include Akamai, Abcam, Cogo Labs, Merrimack Pharmaceuticals, InVivo Therapeutics and the Massachusetts Institute of Technology. NGKF Capital Markets completed the sale of the 11 mixed use campus buildings on behalf of the seller, DivcoWest. “One Kendall Square offers a critical mass of best-in-class, institutional-quality real estate,” said Vice Chairman Edward Maher, NGKF. “Combined with nearly $100 million in capital improvements throughout the past 10 years, the campus clearly represents a generational opportunity within the white-hot East Cambridge submarket.”
