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Mon, Mar 30
A Compendium of Property & Capital News
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Mar 30
A Compendium of Property & Capital News

Hong Kong Based Nan Fung Life Sciences Buys 151 Sleeper for $115M from Brookfield

February 24, 2020
51 Sleeper Street, Boston MA

BOSTON–Barely twelve months after purchasing a gateway building into the Seaport, Brookfield Properties has divested the eight-story mixed-use asset for $23 million more than its purchase in December of 2018. The Hong Kong-based, Nan Fung Life Sciences Real Estate (NFLSRE) has completed the $115,000,000 acquisition of 51 Sleeper Street from Brookfield. Located just over the Northern Ave Bridge, the 152,102 sq. ft, eight-floor building made headlines and set records, when it traded in 2013 to TIAA For $60.2 million.

In November 2019 NFLSRE announced the opening of its first U.S. office in Boston, and the appointment of Matthew Powers as Chief Executive Officer. In a release, Powers spoke about the Sleeper Street acquisition. “The need for innovative and scalable research laboratory space in Boston is high, we are proud to be able to provide the resources for more companies to grow here,” said Powers. “We are thankful to Brookfield Properties, Ben Brown, and his team for working with us to make this happen. Together, we were able to reach an agreement that not only works for both parties involved – but benefits the City of Boston. We look forward to working with the City to continue growing this important industry.”

NFLSRE is a subsidiary of Nan Fung Group, a privately held Hong Kong-based global conglomerate with core businesses in real estate development and investment. The Group’s real estate business is vertically integrated with investment, development and operating capabilities in Hong Kong, China, the United Kingdom and the United States. The Group also holds a well-diversified financial investment portfolio and has made significant investments in the life science sector globally through Nan Fung Life Sciences, according to the release.

Nan Fung Life Sciences has $1.5 billion capital commitment from Nan Fung Group to invest into life sciences and has invested in 46 portfolio companies to date.

Matthew Powers