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KKR and AllianceBernstein take over Boston life sciences lab campus
The lenders took ownership of the properties in South End last month and brought in Tishman Speyer as the new property manager on June 17.
Bisnow reports that lenders behind a 2021 floating-rate loan have taken over ownership of a two-building life sciences lab and office campus in Boston's South End, taking control from BioMed Realty.
Deed records show the partnership of KKR Real Estate Finance Trust and AllianceBernstein assumed ownership of the adjacent properties at 1000 Washington St. and 321 Harrison Ave. last month. KKR said in a second-quarter supplemental to its earnings this week that it took ownership of a Boston life sciences asset, but it did not add further details, and a spokesperson declined to comment. BioMed Realty and AllianceBernstein did not respond to requests for comment.
The buildings were office towers when BioMed secured a $322M floating-rate loan from the lender partnership after acquiring the property in April 2021 from CIM Group. BioMed pursued conversions to labs in Boston, receiving approval from the Boston Planning Department in July 2021 to convert 321 Harrison Ave., and completing that conversion for at least part of the building.
In December 2021, Monte Rosa Therapeutics signed a 10-year lease for 63K SF at 321 Harrison. BioMed later added multiple tenants, including PepGen, Pyxis Onvology, Nido Biosciences, Magnet Biomedicine and HilleVax. On June 17, Tishman Speyer said it was selected as the new property manager for the campus, and deed records indicate BioMed relinquished ownership on June 3 to the entity that provided the 2021 loan, with the lender then bringing in Tishman to manage the property.