Cambridge has reclaimed the mantle of highest-priced lab space in Greater Boston, with an investor paying $1,880 per square foot for a stake in a 3-year-old Kendall Square development.

Alexandria Real Estate Equities said Monday it sold a 60 percent interest in 75-125 Binney St. to an undisclosed investor for $438 million. The 380,000-square-foot office and lab building was completed in 2016.

Alexandria also held the previous local record when, along with partners National Development and Charles River Realty Investors, it sold its stake in Boston’s 360 Longwood development for $1,659 per square foot in October 2018.

The Binney Street transaction is expected to close during the first quarter. The price represents a cap rate of 4.3 percent.

Completed in 2016, the complex was initially leased to IBM Watson and Ariad Pharmaceuticals. Ariad eventually subleased 220,000 square feet to Irish drugmaker Shire, which had been seeking to expand its East Cambridge footprint.

Pasadena, California-based Alexandria reported fourth-quarter funds from operations of $178 million, or $1.68 per share, in the period. The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.69 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $31.7 million, or 30 cents per share. The life science real estate company posted revenue of $340.5 million in the period.

For the year, the company reported funds from operations of $682 million, or $6.60 per share. Revenue was reported as $1.33 billion.

Material from the Associated Press was included in this report.