Gazit-Globe buys 2 Boston buildings - Israel Business, Ynetnews

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Boston, Massachusetts (archives) Photo: AP
Boston, Massachusetts (archives) Photo: AP

Gazit-Globe buys 2 Boston buildings

Subsidiary of Israel-based real estate investment commercial company acquires property leased to Tufts Medical Center for $112 million

Yedioth Ahronoth
Published: 08.19.11, 10:52 / Israel Business

Israel-based real estate investment commercial company Gazit-Globe announced Sunday that its wholly-owned subsidiary in North America, ProMed Properties, has acquired a research building and medical office building in the heart of Boston, Massachusetts for about $112 million.


The two buildings comprise approximately 252,000 square feet and are 100% leased to the Tufts Medical Center, which includes 415 beds and is the principal teaching hospital for Tufts University's School of Medicine.


According to ProMed President and CEO Josh Friedman, "This transaction is consistent with our strategy of acquiring properties near best-in-class hospitals and medical universities in strong urban locations."


Roni Soffer, president of Gazit-Globe and executive chairman of ProMed, stated that “the healthcare real estate market in North America continues to enjoy strong demand for medical and research space as healthcare expenditures continue to grow and life expectancy increases.


"The medical office building platform is one of Gazit-Globe’s growth engines and the recent acquisitions by ProMed promote our long-term strategy of becoming a leading owner and operator in this sector.”


ProMed financed the acquisition with available cash and the assumption of the existing loans of approximately $93 million.



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