Newton-based Senior Housing Properties Trust has agreed to pay $1.13 billion to buy Vertex Pharmaceuticals’ new global headquarters at Boston’s Fan Pier.
The complex consists of two 15-story office and lab buildings and a 740-space underground parking garage. It was developed by The Fallon Co. of Boston, which has been a major force in the building boom on the South Boston waterfront. In October, Fallon broke ground in on 22 Liberty, a 14-story luxury condo tower next to the Vertex facility.
Approximately 1,300 Vertex employees from the company’s 10-building Kendall Square complex in Cambridge are moving to the new headquarters by the end of March. Vertex has nearly 15 years remaining on its lease starting at $62.50 per square foot and increasing by $5 per square foot in the sixth and 11th years. The company develops drugs used in the treatment of hepatitis C and cystic fibrosis.
During a conference call Tuesday, Senior Housing Properties Trust CEO David Hegarty noted that office rents in the Seaport District have increased 30 percent in the past year.
"Depending upon the ultimate financing pricing, we think that this asset is going to be significantly adding value to the company," Hegarty said.
The acquisition – which is the real estate investment trust’s largest ever – will help diversify its portfolio. Senior Housing Properties Trust also owns assisted living facilities, nursing homes and wellness centers throughout the U.S. including 1295 Boylston St. in Boston.
"This transaction is consistent with our stated strategy to focus on medical office buildings and private (insurance)-pay properties," Hegarty said in a statement.
As part of the acquisition, Senior Housing Properties Trust received a five-year, $800-million term loan from Jefferies Finance LLC and Wells Fargo Bank, which it plans to syndicate to a group of banks. Senior Housing Properties Trust intends to pay for the acquisition with 75 percent debt and 25 percent equity, executives said. The deal is expected to close by the end of June.
"We feel very strongly about this part of Boston and the growth prospects for the Innovation District," Hegarty said.
