01:09 PM EDT, 03/25/2024 (MT Newswires) -- Boston Properties ( BXP ) said Monday that it has completed the sale of a 45% stake in 290 Binney Street, a life sciences development in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management.

Boston said Norges' investment will reduce its share of the project's estimated development spend by about $533.5 million.

The property is currently being constructed and 100% pre-leased to AstraZeneca ( AZN ) , the firm said, adding that initial occupancy is anticipated in April 2026.

Price: 63.57, Change: +0.30, Percent Change: +0.47