An office and lab building near Harvard Square has sold for $128 million, approaching the local record price-per-square-foot for life science space in Greater Boston.

Bain Capital Real Estate and its operating partner, Longfellow Real Estate Partners, announced the sale of 1030 Massachusetts Ave. to an undisclosed, publicly traded REIT.

The 77,805-square-foot office and lab building, located between Harvard and Central squares, is fully leased to life science tenants including Astellas, Mitobridge and Obsidian Therapeutics and contains restaurant tenant Waypoint.

The sellers acquired the property in 2016 for $75.1 million, three years after Longfellow converted the property into lab space.

“During our ownership period, we managed to drive significant value creation by working with the building’s tenancy in the dynamic Cambridge leasing market, and we believe the property is well-positioned for future success,” Elizabeth Carrillo Thomas, managing director at Bain Capital Real Estate, said in a statement.

Eastdil Secured represented the sellers in last week’s transaction.

At $1,645 per square foot, the price is just shy of the $1,659 per foot paid by Clarion Partners for 360 Longwood Ave. in Boston last fall.

Cambridge Lab Sale Approaches Local Record

by Steve Adams time to read: 1 min
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