The financial intricacies of the deal unfolded with Norges making an initial payment of $212.9 million to BXP, committing to a total payout of $746.4 million. Both parties concurred that the deal propels the combined value of the assets to an awe-inspiring $1.66 billion.
BXP and Norges Close Boston Science Lab Deal : Architectural Marvels Taking Shape
The 16-story spectacle emerging at 290 Binney Street promises 570,000 square feet of cutting-edge laboratory and life sciences-focused space. AstraZeneca has already staked its claim, securing 100% pre-lease, and anticipates moving in by April 2026. Meanwhile, the six-story transformation of 300 Binney Street into a 240,000 square feet life sciences hub is on track, with the Broad Institute holding a 100% pre-lease, anticipating occupation by January 2025.
Industry Dominance and Visionary Scale
BXP proudly asserts its standing as the largest publicly traded developer, owner, and manager of premier workplaces in the U.S., with its BXP Life Sciences unit encompassing a robust portfolio of approximately 3.9 million square feet. Norges Bank Investment Management, on the other hand, manages assets exceeding $1.4 trillion, steering the Norwegian Government Pension Fund Global toward new heights.
