Exclusive: DivcoWest Lands $341M for Boston Life Science Asset
The 2024-completed property is part of a new mixed-use neighborhood.
DivcoWest has secured a $341.3 million refinancing loan from KKR for 441 Morgan, a 372,366-square-foot life science building in Cambridge, Mass., according to Yardi Matrix. The property was previously subject to a $401 million construction loan also issued by KKR in 2021.
The building came online in 2024 at 441 Morgan Ave., 2 miles northwest of downtown Boston. The LEED Platinum-certified office property rises 14 stories and features a subterranean parking garage with 285 spots. Astellas Pharma Inc. occupies 62,000 square feet across two floors.
The life science building is part of Cambridge Crossing, a 43-acre mixed-use neighborhood that broke ground in 2017. The development features 2.1 million square feet of office space, 2.4 million square feet of residential space and 11 acres of parks and green areas. The district is close to the extended MBTA Green Line.
Other life science buildings within the mixed-use development include 121 Morgan Ave. and 222 Jacobs St., as well as 250, 350 and 450 Water St. The last three serve as science and technology properties.
Boston life science market plays catch-up
The Boston life science market entered 2026 with a supply-demand imbalance, as the recent strong wave of deliveries brought the metro to 16 million square feet of unoccupied space, according to a Colliers report. This drove vacancy above 20 percent, reaching one of the highest figures among U.S. life science hubs, a mere couple of years after registering nearly full occupancy. Moreover, the shift swiftly moved the ball into tenants’ court, with some landlords considering leasing to non-life science organizations.
However, Boston’s continued strong fundamentals and solid biotech employment, which are bound to contribute to sustained lab space demand in the longer run, should continue to prop up the market, the same Colliers report stated.
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