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Thursday, 13 February 2020

Boston Office, Lab Building Trades for $270Mln

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Commercial Real Estate Direct Staff Report

IQHQ Inc. has paid $270 million, or $946/sf, for the 285,556-square-foot office and laboratory building at 109 Brookline Ave. in Boston.

The Solano Beach, Calif., company, the former Creative Science Properties Inc., was launched last year by Alan Gold, the chief executive and president of BioMed Realty Trust until that company's 2016 purchase by Blackstone Group. It bought the property from Equity Commonwealth, a Chicago REIT that had owned it since 1995.

It is 99.2 percent leased to tenants that include CareGroup Inc. and sits between Burlington Avenue and Overland Street, two blocks from Fenway Park, where the professional baseball Boston Red Sox plays its home games.

The Brookline property is the first investment for IQHQ, which recently completed raising $770 million of equity commitments through a private placement with institutional investors.

Steve Rosetta, the former chief investment officer of Kilroy Realty Corp., is IQHQ's chief executive, and Tracy Murphy, IQHQ's president, previously was executive vice president of Kilroy's life-sciences group.

IQHQ plans on pursuing office and life-sciences properties in Boston, San Diego, San Francisco and the United Kingdom.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Boston
  • States: Massachusetts
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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