Simpson Thacher represented BioMed Realty, a Blackstone portfolio company, on the acquisition of a majority interest in the 75 Broadway project in Cambridge, MA, through a joint venture partnership with the MIT Investment Management Company. The to-be-built 585,000 square foot development is fully pre-leased to Biogen, a leading biotechnology company. Construction of the 75 Broadway project will begin in 2025 and it will be the first building in the redevelopment of Kendall Common, a 10-acre site that will ultimately include eight buildings for residential, office, lab, retail, and community uses. This transaction follows BioMed’s recent acquisitions of three other life-science buildings in Cambridge, MA—150 Second Street, 11 Hurley Street and 215 First Street in Cambridge, where Simpson Thacher also acted as counsel to BioMed.
The Simpson Thacher team on the 75 Broadway transaction included Davis Coen, Avi Kaye, Dorian Ledbetter, Kathleen Joo and Simone Hernandez (Real Estate); Nancy Mehlman and Lina Pan (Tax); David Zylberberg (Restructuring); Peter Vassilev, Nathalie Herrand and Tom Fu (Funds); and Jeanne Annarumma and Alexander Kharash (ERISA). The Simpson Thacher team on the Cambridge 3-pack transaction included Davis Coen and Emily Rosenthal (Real Estate); Nancy Mehlman and Preston Irace (Tax); and Peter Vassilev and Nathalie Herrand (Funds).