U.S. Medical Office Portfolio Sold for $1.1 Billion

U.S. Medical Office Portfolio Sold for $1.1 Billion

Commercial News » North America Commercial News Edition | By WPJ Staff | February 11, 2014 8:25 AM ET

Senior Housing Properties Trust has purchased two 15-story biotech medical office buildings in Boston's Seaport District for $1.125 billion. 

The buildings include biomedical research facilities, corporate office space, a parking garage, and about 1.65 million gross square feet of retail space, the real estate trust said in an announcement.

The properties are 96 percent leased to Vertex Pharmaceuticals, a global biopharmaceutical company, the Newton, Massachusetts-based REIT said. Vertex still has 15 years remaining on the lease. 

"The acquisition of this state-of-the-art property, which is ideally located in Boston's fastest growing downtown submarket and one of the nation's top investment markets, represents a unique opportunity to further diversify SNH's portfolio and increase our exposure to the medical office building segment," said David Hegarty, president and chief operating officer of SNH. 

Senior Housing Properties Trust obtained a term loan commitment for $800 million. The acquisition is expected to close in the first half of 2014. 

The REIT owns independent and assisted living communities, medical office buildings, nursing homes and wellness centers throughout the U.S.

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