290 Binney St./Image courtesy of Pickard Chilton

Boston Properties completed its partial sale of a Kendall Square life science project that values the two-building development at over $2,000 per square foot.

Norges Bank Investment Management acquired a 45 percent interest in 290 Binney St., the future AstraZeneca R&D center currently under construction, for $533.5 million, Boston Properties announced today.

The 16-story, 570,000-square-foot office-lab tower is scheduled to open in April 2026.

Norges Bank provided $212.9 million in late 2023 for its minority investment in 300 Binney St., which is undergoing a 240,000-square-foot office-lab conversion and is preleased to The Broad Institute.

The deals value the combined development at $1.66 billion, or $2,050 per square foot. Boston Properties will remain property manager and leasing agent.

In January, Boston Properties executives said market conditions now present “significant opportunities” for acquisitions and development in 2024 as office property values drop. The company’s Greater Boston portfolio had an 89.9 percent occupancy rate at the end of 2023, compared with 88.4 percent nationwide.