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Irvine-based real estate investment trust HCP Inc. (NYSE: HCP), which is Orange County’s fourth-most valuable public company with a $16 billion market valuation, has announced its largest acquisition of the past year, shelling out $332.5 million for a 224,000-square-foot life sciences building in Cambridge, Mass.

The deal works out to an eye-opening price of nearly $1,500 per square foot, nearly five times what a traditional office in OC would trade for.

Alewife Research Center at 35 Cambridgepark Drive is 2 miles from Harvard University and fully leased to five companies with a weighted average lease term exceeding 10 years.

HCP invests in high-end medical buildings. The REIT said the deal is expected to close in December. It follows the firm’s previous buy of an adjacent, 64,000-square-foot building at 87 Cambridgepark Drive, as well as a neighboring development site totaling approximately 150,000 square feet.

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“Combined, HCP has created up to 440,000 square feet of contiguous space across a modern campus,” HCP said in a statement.

The new acquisition brings HCP’s total holdings in the Boston life science market to north of 1.3 million square feet, according to Scott Brinker, executive vice president and chief investment officer.

“Class A life science real estate continues to experience unprecedented demand and the cluster strategy we have employed, combined with our mix of stabilized and development properties, will allow our tenants to grow within our portfolio,” Brinker said.

HCP is no stranger to big-dollar transactions. Nearly a year ago, it sold an 800,000-square-foot office campus in Mountain View to Google for $1 billion. It made nearly $700 million on the deal, one of the more profitable real estate transactions of the past year in California.

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The Cambridge buildings are being sold by a joint venture including Dallas-based Invesco Real Estate and Boston-based Davis Cos.

The joint venture began construction on the redeveloped office building in 2017; the five-story lab facility opened around the start of the year.

Invesco, which has a sizeable OC portfolio, is also looking to sell some assets here.

The firm recently listed 4 and 5 Polaris Way, two of four buildings it owns at an office campus in Aliso Viejo, just off the San Joaquin Hills (73) toll road.

The Newport Beach office of CBRE Group Inc. has the listing; an asking price has not been disclosed.

Records indicate that Invesco paid a cumulative $67.8 million for the two properties, which total 169,315 square feet, in separate transactions in 2016 and 2017.

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