Developer agrees to pay $1.5B for Fenway’s Landmark Center

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BOSTON (AP) – A leading real estate developer specializing in the life sciences has reached a more than $ 1.5 billion deal to buy a building at Fenway in Boston to continue developing it as a science center for life.

Alexandria Real Estate Equities revealed on Tuesday night that it had reached a deal to buy Landmark Center – the former Sears complex – the Boston Globe reported.

In documents filed with the Securities and Exchange Commission, Alexandria said it will continue to develop the 1.8 million square foot three-building complex.

Samuels & Associates, which has led the development of the project in recent years, is currently building 510,000 square feet of office and laboratory space. Samuels will continue to manage the property and lead the development efforts.

Alexandria declined to comment. The publicly traded real estate trust is issuing shares to fund the purchase, which is expected to close within the next two months.

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