Lab developer Alexandria Real Estate Partners will sell the Moderna Technology Center in Norwood to the vaccine manufacturer for approximately $400 million as it continues to divest non-core properties in Greater Boston.
In an SEC filing reporting its quarterly financials, Moderna said the purchase-and-sale agreement is for approximately $400 million.
“The purchase of this highly strategic asset for Moderna operations gives the company full control to build out the campus for future productivity and innovation,” the drugmaker announced.
Moderna had approximately 18 years remaining on its lease with Alexandria, which acquired the Upland Road properties in 2021 and 2021.
In its own quarterly earnings report, Alexandria revealed last month that it had agreed to sell additional Massachusetts properties in “non-strategic locations” for $370 million to an existing tenant.