Image courtesy of SGA

Two institutional investors are joining the ownership of a Kendall Square lab complex in a deal valuing the properties at $1.2 billion.

Norges Bank Investment Management and MetLife Investment Management are the new investors in 50 and 60 Binney St., a 532,395-square-foot complex developed by Alexandria Real Estate Equities. Alexandria sold its 66 percent interest in the property for $798.6 million, according to an SEC filing.

The 60 Binney St. project broke ground after Bluebird Bio signed a 253,000-square-foot full building lease in 2015. In 2019, Bluebird subleased 267,000 square feet from Sanofi Genzyme at 50 Binney St., but never took occupancy and offered the space for sublease. Facebook is reportedly in negotiations to sublease the entire 50 Binney St. building.

Bluebird Bio is relocating to a smaller space at Somerville’s Assembly Row in 2023.

Asking rents for class A lab space in East Cambridge are now topping $110 per square foot on a triple-net basis, according to Newmark research, the highest for commercial real estate in Greater Boston and among the highest in the nation. The submarket has a 0.4 percent vacancy rate.

Newmark’s capital markets team represented Alexandria and procured the new investors.