Athenahealth inks $169M real estate deal with Harvard University
760,000 square feet on the Charles RiverWATERTOWN, MA | December 7, 2012
Athenahealth will pay $168.5 million to Harvard University to acquire an 11-building campus known as the "Arsenal on the Charles."
Currently, athenahealth leases 330,000 square feet of space in two buildings at the 29-acre complex, the Boston Business Journal reports.
The site contains a total of 760,000 square feet of office space – including 100,000 square feet of unoccupied space that the firm will take over immediately.
“It’s not the one million square feet we will need at year five, six, seven and beyond,” athenahealth CEO Jonathan Bush told the business journal. “But we have confidence that local and state officials will come together to help us overcome any regulatory hurdles to adding to the space when we need it.”
Athenahealth expects to receive state-sponsored incentives in connection with the purchase, but the amount had not yet been finalized, according to BBJ.
Athenaheath has real estate elsewhere in New England, including offices and a corporate retreat in Belfast, Maine, as well as in Georgia, Alabama and in Chennai. India.
[See also: athenahealth expands Maine presence with $7.7M deal.]
“We have options, and we could have chosen not to put more people here,” Bush told BBJ.
Purchase of the 200-year-old campus is expected to close in the second quarter of 2013.