- The property has gone through two major phases of lab conversion
- It’s located in one of the country’s largest life sciences clusters
- The seller, Related Fund Management, retains a minority stake
GI Partners completes the purchase of 451 D Street, a life sciences lab, data center and creative office space in Boston.
John Sheputis, Managing Director at GI Partners and Head of Acquisitions for GI Partners Real Estate, said of the acquisition ““We are thrilled to acquire a critical piece of what we believe to be one of the most important life sciences ecosystems in the country. This is an attractive asset that has experienced exceptional leasing velocity through careful execution and delivering best-in-class service and amenities. The integration of this mission critical asset into our diversified life sciences portfolio is expected to deliver superior long term risk-adjusted returns.”
GI Partners’ technology and life science real estate portfolio totals 37 properties across multiple major US markets. The firm has assets under management totaling $35 billion.
The seller, Related Fund Management, will retain a minority interest in the ownership of the property. Related Beal will continue to serve as property manager.
Patrick Sweeney, Managing Director of Related Fund Management said “Related is excited to partner with GI Partners on 451 D, a first-class life sciences asset that has seen great success in attracting innovative companies of all sizes. We continue to see tremendous value in this neighborhood as a hub for the biotech sector in Boston and look forward to welcoming even more global leaders to this building.”
Eastdil Secured represented the seller on this transaction and placed debt financing for the new ownership group.