One Kendall Square in Cambridge Trades for $725M
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One Kendall Square, Cambridge, Mass.
Cambridge, Mass.—The East Cambridge life science submarket continues to be one of the hottest in the United States as Alexandria Real Estate Equities closes on One Kendall Square for $725 million, making it the biggest real estate deal in the Boston area so far this year.
The $725 million price tag was 83 percent more than seller DivcoWest paid for the 7.9-acre complex of 670,000 square feet of office, laboratory and retail space nearly three years ago and is a testament to the current and future strength of the property and submarket. DivcoWest bought One Kendall Square, which also includes a nine-screen movie theater, 1,500-space garage and development parcel, in January 2014 from a joint venture of Rockwood Capital LLC and Related Beal for $395 million. Rockwood and Related Beal paid $210.5 million for the site in 2006…
