Senior Housing Properties Trust (SNH), a Newton-based REIT, announced this week that it had agreed to acquire two waterfront towers in Boston's premier Seaport District that house the headquarters of the biotechnology company Vertex Pharmaceuticals Inc. SNH purchased the 15-story biotech medical office buildings in part with a term loan commitment for $800 million from Jefferies Finance LLC and Wells Fargo Bank. The deal, which is subject to customary closing conditions, is expected to close in the first half of 2014, according to a NASDAQ report. The sale comes about a week after Vertex Pharmaceuticals, a global biopharmaceutical company which relocated from Cambridge, formally opened its new home office in the Seaport District.
"The acquisition of this state-of-the-art property, which is ideally located in Boston's fastest growing downtown submarket and one of the nation's top investment markets, represents a unique opportunity to further diversify SNH's portfolio and increase our exposure to the medical office building segment," said David Hegarty, President and Chief Operating Officer of SNH.
Developed and owned by The Fallon Company, the buildings include biomedical research facilities, corporate office space, structured parking and street-level retail totaling 1.65 million total gross square feet. Vertex Pharmaceuticals, a global biopharmaceutical company, occupies 96% of the property, with a remaining lease term of approximately 15 years for this new corporate headquarters. Approximately 1,300 Vertex employees from the company's 10-building Kendall Square complex in Cambridge are moving to the new headquarters by the end of March, according to a Banker & Tradesman article.
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