Alloy Properties Acquires Best-In-Class Life Science Assets in Cambridge and Waltham
Acquisition marks entry into the top global life science market of Cambridge; brings life science platform’s footprint in Boston to 1.8 million square feet
Dallas – June 14, 2023 – Alloy Properties (“Alloy”), a national life science and innovation platform backed by TPG Real Estate Partners (“TREP”), today announced it has acquired five life science assets in Cambridge and Waltham, MA. The acquisitions further Alloy’s commitment to supporting Boston’s thriving life science community by providing modern, high-quality research and innovation space.
The assets span approximately 425,000 square feet across the Boston area, one of the nation’s most vibrant and fast-growing life science markets. The Cambridge portfolio will serve as a Graduate Research Opportunity (GRO) campus, representing Alloy’s first lab campus entirely dedicated to earlier-stage, high growth companies with a full suite of amenities, flexible lease terms, and modular lab space. The optionality and shared services at GRO will provide companies and founders in the post-incubation stage opportunities for continued learning, collaboration, and innovation. The Waltham portfolio includes three buildings on Second Avenue, which are home to several leading global life science companies.
“The acquisition brings our footprint in Boston to 1.8 million square feet, making Alloy one of the largest life science real estate owners in the area,” said Alicia Mistry Hinds, Director of Asset Management for Alloy. “We are especially excited to announce our entry into Cambridge, a city known as the epicenter of life science globally. We are thrilled to continue investing behind the dynamic life science ecosystem in the greater Boston area and look forward to integrating these high-quality innovation campuses and best-in-class tenants into the Alloy Properties national network.”
The Cambridge and Waltham assets add to Alloy’s robust network of life science buildings, which includes 21 properties in Boston. Alloy’s urban properties are located in and around Cambridge, the largest cluster of life science companies in the world. The suburban assets are located in Lexington, Waltham, and Bedford, which can provide Boston’s life science community with lower cost living alternatives, shorter commutes, and proximity to micro-clusters.
Since formation, Alloy has owned more than 4 million square feet of life science real estate across key life science clusters in Atlanta, Boston, the Bay Area, Raleigh-Durham, San Diego, and Seattle, making it one of the largest national life science landlords in the U.S.
Alloy purchased the assets in a joint venture with Anchor Line Partners.
About Alloy Properties:
Alloy Properties is a national life science platform formed by TPG Real Estate Partners in the spring of 2020 that focuses on investing in life science and innovation campuses in the major life science markets, including Boston, San Diego, San Francisco, Seattle, Raleigh-Durham, and Atlanta. The platform focuses on acquiring office and R&D campuses that can be converted into best-in-class facilities for life science, biotech, and innovation. For more information, visit: https://alloyproperties.com/.
About Anchor Line Partners:
Anchor Line Partners is a Boston-based real estate investment firm with over $2 billion of commercial real estate assets under management. We specialize in value-add opportunities and developments in Greater Boston, creating strong, long-term economic assets for communities and producing desirable returns for our investors. We use extraordinary people and flexible capital to help solve real estate problems. Further information is available at https://anchorlinepartners.com
Leslie Shribman and Courtney Power