Photo courtesy of Steelblue, Jacobs and Ennead Architects

Cambridge Crossing developer DivcoWest refinanced its newest lab tower at Cambridge Crossing with $341.3 million from KKR.

The 12-story, 375,000 square-foot lab tower at 441 Morgan Ave. broke ground in 2021 after DivcoWest received $401 million in financing, also by KKR.

The loan amendment was first reported by Commercial Search, citing Yardi Matrix data.

In 2024, Tokyo-based Astellas Pharma leased 62,000 square feet on two floors at 441 Morgan Ave. for its relocation from 1030 Massachusetts Ave. in Cambridge, joining other life science companies including Bristol-Myers Squibb, Cerevel Therapeutics and Sanofi at the 43-acre master-planned Cambridge Crossing development.

“The refinancing of 441 Morgan Avenue reflects continued confidence in the resilience of the Cambridge life sciences market and underscores our long-term conviction in Kendall Square and Cambridge Crossing as a premier destination for innovation-driven tenants,” DivcoWest Senior Managing Director Jake Fiumara said in a statement. “With this milestone complete, 441 Morgan is well positioned to attract frontier technology and life science companies seeking purpose-built space designed to support a range of operational needs.”

The 11.4 million-square-foot East Cambridge lab market has a 15.6 percent direct vacancy rate and a 22.3 percent availability rate, according to a market report released today by Cushman & Wakefield.

Leasing activity remained sluggish in the first quarter, with 24,041 square feet of transactions completed in the first quarter.

Across Greater Boston, companies completed 923,129 square feet in lease transactions, the highest total since the first quarter of 2023. The vacancy rate rose to 34.5 percent, up 4.1 percent on a year-over-year basis.

Editor’s note: This report has been updated with a statement by DivcoWest.