Healthpeak Bolsters Alewife Holdings With $73M Office Purchase
Life sciences REIT Healthpeak Properties is taking over an Alewife block with a $73M purchase of a 143K SF office building near another recent acquisition.
Heatlhpeak purchased 10 Fawcett St. last week from Invesco Real Estate, according to Middlesex County property records. Invesco and The Davis Cos. bought 10 Fawcett from Griffith Properties and Artemis Real Estate Partners in 2019 for $59.7M. It's unclear if The Davis Cos. still jointly owned the property. Middlesex County land records only show a holding company tied to Invesco, 10 Fawcett Investors, as the seller.
Representatives for Healthpeak, Invesco and Davis didn’t respond to requests for comment.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller and procured Healthpeak, the firm said.
Healthpeak last month paid $180M for the 229K SF Cambridge Highlands Campus, including the 77 Fawcett St. building down the street.
The six-story 10 Fawcett St. building, built in 1985, is home to the Social Security Administration's Cambridge office. The office was 100% leased to tenants including Raytheon and the Cambridge Trust Co. at the time of Invesco and The Davis Cos.' purchase.
Irvine, California-based Healthpeak, which also owns the 620K SF Cambridge Discovery Park 2 miles away, is among the nation’s five largest life sciences developers with 11.3M SF.
While Healthpeak might be the most active player in the neighborhood, San Diego-based REIT IQHQ has ramped up life sciences activity in Alewife, too, purchasing adjacent Alewife properties for a combined $179M in 2020, where it plans a massive redevelopment.
The Davis Cos. also remains active in Alewife with The Quad, a planned four-building, 510K SF life sciences campus it purchased for $73M in 2018.
UPDATE, OCT. 7, 5:20 P.M. ET: This story has been updated with information from Newmark.
