Oct
05
Clarion Partners Closes on Cambridge Life Science Complex
ByThe Class A office and life science property traded for $311 million.
245 First St., Cambridge, Mass.
Cambridge, Mass.—Noting that Boston has performed well post-recession in part because of the technology and healthcare companies located there, Clarion Partners has acquired 245 First St., a two-building, Class A office and life science complex in East Cambridge, Mass., for $311.3 million.
The New York City-based real estate investment management firm said it purchased the complex in the heart of the East Cambridge/Kendall Square submarket on behalf of a commingled fund that it oversees. The seller was Jamestown, an Atlanta-based real estate and investment firm that bought the two buildings in 2013 for $192.6 million, according to the Boston Business Journal…
