NEWTON, Mass.--(BUSINESS WIRE)--Aug. 19, 2024--
The RMR Group (Nasdaq: RMR) today announced the early renewal of the Vertex Pharmaceuticals Incorporated (“Vertex”) lease for 1.1 million square feet of office and laboratory space at 50 Northern Avenue and 11 Fan Pier Boulevard in Boston, Massachusetts. Vertex’s existing lease, which expires in December 2028, was extended for approximately 15 years, through June 2044.
Adam Portnoy, President and Chief Executive Officer of RMR, made the following statement:
“The Vertex lease extension exemplifies the successful execution of The RMR Group’s strategy to create value for our clients. We have cultivated a strong relationship with Vertex, which has resulted in their recommitting to their flagship location in Boston’s Seaport District for a 15-year lease extension that enhances the value of our clients’ assets. We look forward to continuing our longstanding relationship with Vertex and providing them with a supportive environment for Vertex to pursue transformative medicines for people with serious diseases.”
The properties leased to Vertex are owned by a joint venture, for which RMR provides asset and property management services, and in which Diversified Healthcare Trust (Nasdaq: DHC), an RMR client, owns a 10% equity interest.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by over 1,100 real estate professionals in more than 35 offices nationwide who manage over $41 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit rmrgroup.com.
About Diversified Healthcare Trust
DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of March 31, 2024, DHC’s approximately $7.2 billion portfolio included 371 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.5 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is headquartered in Newton, MA. For more information, visit dhcreit.com.
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Kevin Barry
Senior Director, Investor Relations
(617) 769-8230
Source: The RMR Group Inc.
