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Life science developer Alloy Properties added to its Boston-area portfolio with acquisition of five buildings totaling 425,000 square feet in Cambridge and Waltham.

Alloy Properties partnered with Boston-based Anchor Line Partners on the joint venture acquisitions from Alexandria Real Estate Equities. Three buildings at 225, 266 and 275 Second Ave. in Waltham sold for $266 million, while the pair of Cambridge properties at 780 and 790 Memorial Drive traded for $99 million, the Boston Business Journal reported.

The Cambridge buildings, rebranded as the Graduate Research Opportunity (GRO) campus, will become Alloy Properties’ first campus dedicated for early-stage companies, and offer flexible lease terms and modular lab space, Alloy announced.

Alloy Properties, the life science platform of TPG Real Estate, began acquiring Boston-area life science properties in 2020. Its Greater Boston portfolio now totals 1.8 million square feet at 21 properties, representing nearly half of its 4 million-square-foot nationwide holdings.

In mid-2022, Alloy and Anchor Line acquired a 370,000-square-foot suburban portfolio of nine buildings in Lexington, Bedford and Waltham.

This week’s sale comes two months after Alexandria said it was dropping plans to convert a 510,000-square-foot Newton office building at 275 Grove St. into life science space and planned to sell the asset, which it had bought in 2020 for $235 million. The decision forced Alexandria to record a $139 million impairment charge on the property.

Alexandria Unloads Five-Building Lab Portfolio for $365M

by Steve Adams time to read: 1 min