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REIT Acquires Life Science Complex in Boston Seaport District

Sullivan represented Diversified Healthcare Trust (Nasdaq: DHC) in connection with the sale of a 10% equity interest in a two building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston, MA. DHC sold the interest to an existing joint venture partner for a purchase price of approximately $108 million. The purchase price for the 10% equity interest is based on a property valuation of $1.7 billion, less the $620 million of existing secured debt on the property. Sullivan provided counsel with respect to the initial JV formation and has continued to provide representation to the JV since 2017.

Avinash R. Rao and John M. Steiner

City-Owned Parking Lot Redeveloped into Three-Building Campus

Sullivan represents client FoxRock Properties concerning environmental issues related to its pursuit to redevelop the 2.3-acre former City-owned Ross Parking Lot into a three-building life science campus featuring retail and office space.

The redevelopment of this property has involved a multi-year negotiation with the City of Quincy, remediation of the development site, coordination with an adjacent City infrastructure project and permitting. At full build, the campus will total over one half million square feet and will play an important part in the revitalization of Quincy Center.

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