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lackstone's BioMed Realty has acquired the ground lease at 730-750 Main Street in Cambridge for $361.5 million, according to a report by the Boston Business Journal. The two-building complex in Kendall Square spans 223,000 square feet and was sold by MIT, which had been renovating the property since 2020. The Engine, a venture capital firm spun out from MIT, will continue to occupy space at the complex, including lab and office space at 750 Main Street.

    The deal breaks down to over $1,600 per square foot, with BioMed's master lease agreement set to last until the end of the century. An affiliate of BioMed secured a $181 million acquisition loan from AIG, Fidelity, and others to finance the purchase. The property was previously home to Polaroid before The Engine moved in two years ago.

    Kendall Square is a highly sought-after location due to its proximity to top universities like MIT and Harvard. However, the life sciences sector has cooled significantly since its peak during the pandemic, with only three assets trading hands across the country in the first nine months of the year, down from 62 sales worth $6.2 billion in 2022.