DivcoWest Refinances Cambridge Crossing Life Sciences Lab with $341M KKR Loan

DivcoWest secured a $341.3 million refinancing loan from KKR for its 441 Morgan Avenue laboratory development at Cambridge Crossing, a 2.1-million-square-foot mixed-use campus in Cambridge, Massachusetts. The 372,000-square-foot building was completed in 2024 and has approximately 309,000 square feet available for lease. Astellas Pharma occupies roughly 62,000 square feet across two floors. The property also includes a 285-car below-grade parking garage. KKR had originally provided a $401 million construction loan in 2021 when DivcoWest broke ground on the project. - DivcoWest: San Francisco-based real estate investment firm with deep life sciences and office expertise; developer and owner of the Cambridge Crossing campus. - KKR: Global alternative asset manager with a substantial real estate credit platform; providing its second major loan on the same asset (refinancing its own construction debt). - Astellas Pharma: Japanese pharmaceutical company occupying 62,000 SF as the building's anchor tenant. $341.3 million refinancing loan from KKR, replacing the $401 million construction loan KKR itself originated in 2021. The reduced loan amount reflects the roughly $60 million repaid during the construction and lease-up period.