U.S. GCP Applied to sell its Cambridge HQ for $125 mln

GCP Applied Technologies, a U.S. construction products technology company, revealed that it is selling its corporate headquarters (HQ) in Alewife Park, Cambridge, Massachusetts.

The 26-acre campus includes nearly 290,000 gross square feet of existing office, laboratory, as well as research and development space.

GCP Applied agreed to sell the properties to San Francisco-based life sciences real estate development firm IQHQ for $125 million. The transaction is anticipated to close in late July or early August 2020.

As part of the deal, IQHQ will lease back the entire site to GCP Applied for 18 months, rent-free, as GCP explores its options for relocation. More so, GCP also has an option to extend that by another six months.