King Street Properties Capitalizes on More of Suburban Lab Market

WALTHAM—Holliday Fenoglio Fowler, L.P. (HFF) recently arranged $135 million in financing for 830 and 828 Winter Street, an existing 185,000-square-foot, Class A lab/biotech building and a to-be-built lab/biotech facility in Waltham, Massachusetts. HFF worked with the borrower, King Street Properties, a private real estate investment management firm focused on science-based companies and institutions.

Completed in 2001 as the flagship headquarters for Praecis Pharmaceuticals, the property remains fully leased to ImmunoGen, GlaxoSmithKline and Histogenics Corporation. The new property, named 828 Winter Street, will consist of a three-story, 144,910-square-foot, Class A lab/biotech building with a four-level parking garage. King Street broke ground on the project in October 2016 and is planning to finish in July of 2018. It plans to add 50,000 square foot floor plates and MEP systems that will adhere to the needs of science companies. In addition to these amenities, King Street plans to add two cafes, showers and changing areas, and active outdoor destinations.

Managing Director Greg LaBine and Director Porter Terry comprised the HFF debt placement team that represented King Street. According to LaBine, both firms could see the benefit of expanding King Street’s investment in Waltham, “King Street saw an opportunity to capitalize on the tight suburban lab market and expand their existing Waltham property to meet the growing demand.”

830 Winter Street is situated off Route 95/Route 128 at exit 27 in Waltham about 12 miles west of Boston. Adding to its convenience, the location also places it between Route 2 to the north and Interstate 90/the Massachusetts Turnpike to the south. Further, it is in close proximity to the new 1265 Main Street mixed-use development.

Rendering 828 Winter St, Waltham MA

Greg LaBine