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Boston Properties (NYSE:BXP) has completed the previously announced sale of a 45% interest in 290 Binney Street, a life sciences property located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management, the office REIT said on Monday.
NBIM’s investment will reduce BXP’s share of the project’s estimated development spend over time by about $533.5M.
The 16-story, 570K square foot laboratory is currently under construction and 100% pre-leased to AstraZeneca, with initial occupancy expected in April 2026.
In mid-November, BXP said it agreed to sell a 45% stake in both 290 Binney Street and 300 Binney Street, with a total of 810K square feet of space.