Alexandria Real Estate Equities has announced it has entered into an agreement to purchase 401 Park Drive and 201 Brookline Ave. from Samuels & Associates for $1.5 billion. The office and research campus is located in Boston’s Fenway neighborhood and will include 1.8 million square feet of rentable space.
The 401 Park property was built in 1928 as a Sears, Roebuck and Co. distribution center and is home to a number of office and life science tenants. It is 93% occupied across 973,000 rentable square feet. The property is on the National Register of Historic Places and is also a retail and restaurant hub. The property at 201 Brookline is a 510,000-square-foot, 14-story office and lab development currently under construction with an estimated completion date of next year.