Boston Business Journal | By Catherine Carlock
December 19, 2016
Related Beal, the Boston-based real-estate development arm of New York-based Related Cos., has acquired 27 Drydock Ave. in Boston’s Seaport District for $146.5 million.
The 286,000-square-foot research and development property is immediately adjacent to the future Reebok International Ltd. headquarters at 25 Drydock Ave. The property is 84 percent occupied. Dana-Farber Cancer Institute has growing presence there since 2007, and the renovation by Atlanta real estate developer Jamestown LP to create additional lab space in the building has attracted life sciences startups including 908 Devices, Emulate Inc., Gingko Bioworks, Cambrian Innovation and ORIG3N.
The $146.5 million purchase price, which works out to $514 per square foot, is significant for a building that is primarily built out as lab space, said Frank Petz, managing director of JLL Capital Markets. Petz and Jessica Hughes, managing director of JLL Capital Markets, brokered the deal.
“That building has really proven that biotech lab tenancy will migrate to the Seaport, and there’s a cluster that’s forming in that area,” Petz said in an interview early Monday.