Subsequent events (Notes)

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent events

Subsequent events

Acquisition of 640 Memorial Drive

In January 2015, we acquired 640 Memorial Drive in the Cambridge submarket for $176.5 million.  This property is a 225,504 RSF Class A, LEED Gold Certified, office/laboratory building located in Mid-Cambridge, nearby the MIT campus, and is 100% leased to two high-quality life science client tenants pursuant to long-term leases. In connection with the acquisition, we assumed a secured note payable of $82.0 million with an interest rate of 3.93% and a maturity date in 2023.  The property is subject to a long-term ground lease.

Acquisition of Alexandria Technology Square^® interest

In January 2015, we executed an agreement to purchase the outstanding 10% noncontrolling interest in our 1.2 million RSF urban innovation campus at Alexandria Technology Square^®. The purchase price of the remaining equity interest was $108.3 million and will be paid in two installments of approximately $54.0 million due on April 1, 2015, and April 1, 2016. The purchase will be accounted for as an equity transaction that will reduce our noncontrolling interest in this campus to zero with the excess purchase price over the noncontrolling interest balance recognized as additional paid-in capital.

Sale of 661 University Avenue

In January 2015, we completed the sale of our land and land improvements at 661 University Avenue in Canada for $54.1 million. For additional information, refer to the section titled “Sales of Real Estate Assets and Related Impairment Charges” in Note 3 – “Investments in Real Estate” to our audited consolidated financial statements under Item 15 of this Report.