Image courtesy of Stantec

Healthpeak Properties is bolstering its position as a major player in Greater Boston life science real estate with a $664 million acquisition that brings its local portfolio up to 2.4 million square feet.

The Denver-based REIT said it’s agreed to buy a controlling interest in the 607,000-square-foot Cambridge Discovery Park, the former Arthur D. Little Inc. headquarters converted into a multi-tenant campus by Bulfinch Cos. The transaction is expected to close in the fourth quarter, Healthpeak announced Monday.

Under the terms of the transaction, which has a gross valuation of $720 million, Healthpeak will own three buildings outright and entered a 49-percent minority joint venture on a fourth building with Bulfinch Cos.

The campus is 94 percent leased with weighted average remaining lease terms of 7.5 years, Healthpeak said. The site also has approximately 100,000 square feet of additional development capacity.

At the same time, Healthpeak said it’s breaking ground on a $174-million lab development at 101 Cambridgepark Drive in a partnership with Boston-based King Street Properties. The five-story, 159,000-square-foot facility is scheduled for completion in the third quarter of 2022.

Greater Boston has emerged as a key market for Healthpeak’s growth. In April, the firm acquired the 430,000-square-foot Post 200 Smith complex in Waltham for $320 million. And in December 2019, it bought the 224,305-square-foot Alewife Research Center for $332.5 million.