A major life science real estate developer has reached a more than $1.5 billion deal to buy a building in Boston's Fenway to continue developing it as a life science hub.
The Boston Globe reports that Alexandria Real Estate Equities disclosed late Tuesday that it has a deal in place to buy Landmark Center — the former Sears complex. In documents filed with the Securities and Exchange Commission, Alexandria said it will keep developing the three-building, 1.8 million-square-foot complex.
Samuels & Associates, which has led the development of the project in recent years, is currently building 510,000 square feet of office and lab space.
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Samuels will continue to manage the property and lead development efforts.
Alexandria declined to comment. The publicly traded real estate trust is issuing stock to fund the purchase, which is expected to close in the next month or two