Healthpeak Properties Has Acquired KSP's Minority Interest In The Joint Ventures In Eight Lab Buildings In Cambridge And Lexington, Massachusetts; No Financial Terms Disclosed

Healthpeak Properties, Inc. (NYSE:DOC) ("Healthpeak") and King Street Properties ("KSP") today announced that Healthpeak has acquired KSP's minority interest in the joint ventures in eight lab buildings in Cambridge and Lexington, Massachusetts. Healthpeak will assume day-to-day management of the buildings following a short-term transition period.

"King Street has been a key strategic partner of Healthpeak's since 2017," said Scott Brinker, Healthpeak's President and CEO. "Our successful partnership grew to 900,000 square feet across four campuses." Mr. Brinker continued, "Healthpeak's greater Boston portfolio now totals 2.7 million square feet, giving us the scale to internalize. We would like to thank the KSP team for many years of outstanding partnership and mutual success."

"Seven years ago, we and Healthpeak formed a joint venture to maximize the development potential of a portion of King Street's Boston portfolio of Class A life science projects," said Thomas Ragno, King Street's Founder/Principal. "We enjoyed working with the Healthpeak team to meet that goal and today marks the culmination of this innovative approach, which has proven to be highly successful for both firms."