{"id":1004100150,"date":"2014-07-09T06:57:13","date_gmt":"2014-07-09T14:57:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004100150"},"modified":"2022-12-08T10:22:47","modified_gmt":"2022-12-08T18:22:47","slug":"king-street-properties-launches-112m-2-building-lab-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/king-street-properties-launches-112m-2-building-lab-project\/","title":{"rendered":"King Street Properties Acquires $112M, 2-Building Lab Project"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/i><\/p>\n

\"200<\/a>

200 Cambridge Park Drive<\/p><\/div>\n

King Street Properties has plans for a two-building, 284,200-square-foot laboratory redevelopment project in Cambridge, Mass., the leading life sciences hub in the country, and a new financing deal is helping the developer bring the goal to fruition.<\/p>\n

With the assistance of commercial real estate and capital markets services provider HFF, King Street has secured financing totaling $89 million from Cornerstone Real Estate Advisers for the $112 million acquisition and repositioning of the vacant office\/lab facilities.<\/p>\n

In a $54.5 million deal, King Street took 87 and 200 Cambridge Park Dr., located in the Alewife section of Cambridge, off the hands of owner-occupier Pfizer, which is consolidating at a new facility in Cambridge\u2019s Kendall square neighborhood. As part of the move, the pharmaceutical giant also sold its property at 620 Memorial Drive to MIT for $30.5 million during the second quarter.<\/p>\n

The lending community responded favorably to the opportunity to finance King Street\u2019s endeavor. \u201cThere was significant interest from the bridge lending community on this transaction and we received a number of proposals,\u201d Greg LaBine, managing director at HFF, told\u00a0Commercial Property Executive<\/i>. \u201cWe have financed many lab facilities in Greater Boston and certainly there is a greater interest in properties that are in Cambridge or along the route to the corridor into Lexington, Mass.<\/p>\n

Cornerstone, attracted by the assets\u2019 high quality and coveted location, won the bid and provided a financing package consisting of a $22 million floating-rate loan for the 62,500-square-foot 87 Cambridge Park, and a $67 million floating-rate loan for 200 Cambridge Park, a 221,700-square-foot structure.<\/p>\n

Now that money is in hand, King Street can look forward to renovating and repositioning 87 and 200 Cambridge Park. The company has tapped commercial real estate services firm Cushman & Wakefield to spearhead leasing at both buildings.<\/p>\n","protected":false},"excerpt":{"rendered":"

King Street Properties has plans for a two-building, 284,200-square-foot laboratory redevelopment project in Cambridge, Mass., the leading life sciences hub in the country, and a new financing deal is helping the developer bring the goal to fruition. <\/p>\n","protected":false},"author":969,"featured_media":1004100153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,11,21742,21747],"tags":[],"class_list":["post-1004100150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-midatlantic","category-latest","category-office"],"acf":[],"yoast_head":"\nKing Street Properties Acquires $112M, 2-Building Lab Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/king-street-properties-launches-112m-2-building-lab-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"King Street Properties Acquires $112M, 2-Building Lab Project\" \/>\n<meta property=\"og:description\" content=\"King Street Properties has plans for a two-building, 284,200-square-foot laboratory redevelopment project in Cambridge, Mass., the leading life sciences hub in the country, and a new financing deal is helping the developer bring the goal to fruition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/king-street-properties-launches-112m-2-building-lab-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-09T14:57:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:22:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/200-Cambridge-Park-Drive.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1802\" \/>\n\t<meta property=\"og:image:height\" content=\"1331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/king-street-properties-launches-112m-2-building-lab-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/king-street-properties-launches-112m-2-building-lab-project\/\",\"name\":\"King Street Properties Acquires $112M, 2-Building Lab Project - 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