The RMR Group Announces $1.0 Billion Refinancing of Vertex Pharmaceuticals' Headquarters in Boston Seaport District
The RMR Group (NASDAQ:RMR) today announced on behalf of its managed joint venture that it has facilitated a $1.0 billion five-year, interest-only fixed rate mortgage financing with a weighted-average interest rate of 5.5957%, secured by Vertex Pharmaceuticals Incorporated's ("Vertex") 1.1 million square foot headquarters at 50 Northern Avenue and 11 Fan Pier Boulevard in the Boston Seaport district. The financing proceeds will primarily be used to repay the existing $620 million fixed rate mortgage financing on the property with an anticipated repayment date in 2026, fund leasing reserves, and repatriate cash. The lease with Vertex for the property was recently extended for approximately 15 years and now expires in June 2044.
Adam Portnoy, President and Chief Executive Officer of RMR, made the following statement:
"RMR is pleased to have facilitated this refinancing for our private capital clients following a long-term lease extension by the anchor tenant. This financing allows us to recapitalize the joint venture's debt at a leverage level appropriate for a well leased, high quality asset, while capitalizing outstanding tenant inducements associated with the lease extension, and securing a competitive fixed interest rate."
The properties leased to Vertex are owned by a joint venture, for which RMR provides asset and property management services. The primary owners of the venture are private institutional investors and Diversified Healthcare Trust (NASDAQ:DHC), an RMR client, owns a 10% equity interest. Morgan Stanley Bank, N.A., Bank of Montreal, Goldman Sachs and J.P. Morgan provided the financing, represented by Dechert LLP. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the borrower in this transaction.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR's vertical integration is supported by nearly 900 real estate professionals in more than 30 offices nationwide who manage approximately $40 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit rmrgroup.com.
About Diversified Healthcare Trust
DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of June 30, 2025, DHC's approximately $6.8 billion portfolio included 341 properties in 34 states and Washington, D.C., occupied by approximately 450 tenants, and totaling approximately 7.4 million square feet of life science and medical office properties and more than 26,000 senior living units. DHC is headquartered in Newton, MA. For more information, visit dhcreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever RMR uses words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", "will", "may" and negatives or derivatives of these or similar expressions, RMR is making forward-looking statements. These forward-looking statements are based upon RMR's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur.
You should not place undue reliance upon forward-looking statements.
Except as required by law, RMR does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
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Bryan Maher, Senior Vice President
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