Cleveland-based Forest City Realty Trust Inc. recently revealed that a joint venture between the company and Madison International Realty has closed the acquisition of the interest of Forest City’s partner in three office buildings, a parking facility and a 50,000-square-foot commercial space at University Park at MIT in Cambridge, MA.
The transaction values the partner’s share of the assets at a total of $302 million, including assumption of debt.
The office buildings, 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprise a total of approximately 486,000 square feet of life science office space. The 975-space parking facility and the commercial space adjoin the Le Meridian Cambridge-MIT hotel.
“University Park at MIT is one of the most productive assets in our portfolio, making the opportunity to acquire our partner’s interest compelling,” says David J. LaRue, Forest City president and chief executive officer. “We believe selectively acquiring partner interests in strong operating properties is one of our best and lowest-risk capital allocation options.”
Forest City is the 100% owner of seven other life science office buildings and four multifamily apartment communities that are also part of the University Park at MIT campus. Forest City Realty Trust Inc. is a NYSE-listed national real estate company with $8.1 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States.