TPG Sells Waltham Life Sciences Campus for $578M
January 30, 2023
TPG Real Estate sold a suburban Boston life sciences campus for more than $200M more than the price it paid when it bought the property in late 2020.
The San Francisco-based real estate investment firm sold the CenterPoint campus in Waltham for $578M to an affiliate of CS Capital Management, property records show.
The deal for more than a half-billion dollars is the largest Boston-area property sale this year and is larger than all but three sales last year.
The 615K SF campus includes three buildings at 43 Foundry Ave., 41 Seyon St. and 152 Grove St. The buyer and seller declined to comment.
In December 2020, Hilco Real Estate sold the campus to TPG for $344M after doing extensive renovations. That deal also included The Gauge, a $30M redevelopment by Hilco that was fully occupied by UK biopharma firm Abcam Inc. Other tenants in the CenterPoint campus include Repligen, Affinia Therapeutics and Panasonic.
Before its renovations, the site served as a research and development and manufacturing hub for Raytheon. Hilco had bought the property from Rubenstein Partners and Saracen Properties for $86M in 2018.
TPG acquired and sold the CenterPoint campus through Alloy Properties, a platform that acquires and operates life sciences and innovation campuses in large markets like Boston. The platform also operates the 370K SF Lexington Science Hub in Lexington and the 289K SF 101 South St. in Somerville, according to its website.