One Hampshire Street

The sale in brief

Alexandria's Q2 2026 Form 10-Q describes one vacant office property in the Cambridge submarket. It contains 104,956 rentable square feet, or RSF. The company classified it as held for sale in December 2025.

The filing reports an updated estimated fair value less costs to sell of approximately $43.7 million. That estimate rests on recent negotiations with a potential buyer. Alexandria said it expected to complete the sale within 12 months. This was the expectation in the Q2 2026 report, not confirmation of a completed transaction.

The impairment narrative does not name One Hampshire Street. Neither does the corresponding earnings release passage. The identification comes from matching Alexandria's own tables.

Identification method: The 2025 Form 10-K pipeline table names One Hampshire Street as a Cambridge redevelopment project of 104,956 RSF removed from the pipeline as held for sale in the fourth quarter of 2025. The Q4 2025 supplemental impairment table names One Hampshire Street and assigns it a $105.7 million charge, rounded. Submarket, size, timing, and charge match the unnamed property exactly.

No buyer, broker, asking price, or signed agreement specific to this interest appears in the sources collected through the review date. The $43.7 million figure is an accounting estimate informed by negotiations. It is not a published asking price or a reported closing price.

What Alexandria owns

One Hampshire Street is the Albert G. Hill Building, opened in 1984 for Draper Laboratory. The dossier traces that history through a secondary account citing Draper sources. Alexandria's acquisition footnote describes a condominium in two floors of a seven-story building.

Bisnow's June 2022 coverage, citing deed records and Boston Business Journal reporting, describes the division more precisely. Schlumberger sold Alexandria part of the third floor and the entire fourth floor. Schlumberger retained the first and second floors. Draper owns floors five through seven, along with part of the lower floors.

Schlumberger and Draper remain in the building. The vacancy reported by Alexandria concerns its condominium floors. A buyer would acquire space inside an occupied building with other owners.

The building history has a source conflict. A secondary building database gives a different age and floor count. The dossier treats the Draper history and Alexandria's acquisition footnote as the basis for the description here. It does not regard the conflicting database entry as corroborated.

Alexandria included One Hampshire in its Alexandria Center at One Kendall Square property listings. That campus grouping did not make the entire Hill Building part of this acquisition. The ownership boundary matters to the case. The redevelopment option covered a condominium interest within a shared building.

The documented numbers

The acquisition size of 88,591 RSF and the later project size of 104,956 RSF are not reconciled by any source in the dossier. They should remain separate. The record does not establish why the reported area changed.

The September carrying amount also needs its date attached. It is a pipeline snapshot taken before the held-for-sale classification. It is not a completed conversion budget. Alexandria still listed the total cost at completion as TBD.

Separate asset scope: The 2025 Form 10-K reports a larger Cambridge impairment of $262.1 million covering two assets. The Q4 supplemental splits it between One Hampshire Street at $105.7 million and 100 Edwin H. Land Boulevard at $156.4 million, rounded. The latter was a separate development site. The combined $262.1 million charge does not belong to One Hampshire Street.

Why the seller walked

Alexandria identified the capital requirement in its Q2 2026 Form 10-Q. Its assessment included:

"the significant capital required to redevelop and lease the property"

The earnings release made the decision explicit:

"we elected not to pursue a conversion to laboratory space"

These statements supply the core of the case. The owner did not publish an engineering schedule of repairs and then mark down that schedule. It described a financial assessment of redevelopment and leasing costs. It chose to sell and put the proceeds into other projects.

The decision also sat within a broader pipeline reduction. Alexandria's December 3, 2025 guidance exhibit designated One Hampshire and other redevelopment projects for sale. Another project would shift to office use.

The subsequent 2025 Form 10-K presented the program under the headline "Reduced Future Construction Commitments By More Than $300 Million From Four Projects." One Hampshire was one of those four projects. The construction savings figure belongs to the group. It is not an estimate of the conversion cost at this address.

Alexandria said the changes would allow future construction savings and sale proceeds to move into opportunities aligned with its long-term megacampus strategy. The company's 2026 disposition guidance had a midpoint of $2.9 billion. That is the wider program context, not an expected sale value for these floors.

The sequence is visible before the first impairment. In September 2025, One Hampshire remained in the redevelopment pipeline. Construction was scheduled for 2027, stabilization for 2028, and the budget was still undetermined. By December, the company had chosen an exit.

The later impairment reflects another stage. In Q2 2026, negotiations with a potential buyer supplied the basis for a lower estimated value. The seller's decision to stop funding the conversion and the subsequent repricing are related events, but they are separately documented.

What a buyer inherits

A buyer inherits vacant, unconverted office floors in a building opened in 1984. The laboratory conversion has not been delivered. Its construction bill remains ahead of the buyer if that buyer pursues the same use.

Alexandria never published a total conversion budget in the final pipeline snapshot. Construction never started. The entire conversion remains to be funded under that plan, but the record supplies no amount for it. The impairment charges cannot serve as a substitute construction estimate.

The condominium structure remains part of the undertaking. The interest sits alongside space owned and occupied by Schlumberger and Draper. Their floors are not included in this sale. The dossier does not provide condominium documents or detailed terms governing a conversion, so the record supports no specific claim about approvals or restrictions.

The leasing market supplies another part of the context. CBRE's Q2 2026 Greater Boston laboratory vacancy figure was 28.7 percent, as reported by the secondary coverage linked below. That is a regional laboratory statistic. It is not a vacancy measure for this building or a forecast for a converted floor.

East Cambridge was the tightest part of Cambridge in the CBRE Q4 2025 laboratory report. The periods and geographies should stay attached to those observations. A comparatively tighter local market did not prevent Alexandria from deciding to leave this conversion unbuilt.

A buyer also inherits uncertainty about the eventual product and its economics. There is no published completed conversion budget to test against the latest mark. A low carrying value alone does not answer what the finished space would cost or how it would lease.

Interpretation: The write-downs show how far the seller reduced the recorded value of its position. They do not show that the remaining conversion burden has become small. Alexandria's own stated reason for selling keeps that burden at the center of the case.

My read

Interpretation: This is the pattern of buying a conversion option at the peak, carrying it for three years, and selling the burden when the capital bill was priced honestly. The published record supports the sequence of purchase, carry, and exit. The peak description and the judgment about pricing are my reading, not findings in a condition report. Alexandria's decision says more about its willingness to fund the next stage than about the physical state of the floors.

What the record does not show

The dossier contains no published facility condition assessment, engineering report, or deferred maintenance schedule for One Hampshire Street. There is no documented backlog to compare with the write-downs. The capital story rests on the seller's published financial reasoning.

The record also does not identify the last tenant of Alexandria's floors or the date they emptied. The acquisition was fully occupied. The later filings describe vacant office space. Schlumberger's role as seller and its continued presence elsewhere in the building do not establish that it leased back the sold floors.

Alexandria's Q3 2026 Form 10-Q had not been filed as of October 24, 2026. The latest periodic report available for this review was the Q2 report. The record reviewed here therefore establishes a held-for-sale interest and buyer negotiations. It does not establish a completed sale. Publication after the next filing requires a fresh status check.

Sources

This article aggregates the dossier's public record. Alexandria is the owner being studied, not a client of the author. The primary company documents establish the financial sequence. Trade coverage supplies the reported deed price and floor ownership. Building history and market context include secondary sourcing as identified below.

• Alexandria 2025 Form 10-K. Named pipeline removal, construction commitment program, and combined Cambridge impairment.
• Alexandria Q2 2026 Form 10-Q. Impairments, latest mark, capital rationale, negotiations, and sale expectation.
• Q4 2025 supplemental. Asset-level separation of the Cambridge charges.
• Q3 2025 supplemental. Final pipeline carrying amount, size, leasing, schedule, and undetermined budget.
• Q2 2022 supplemental. Acquisition price, size, occupancy, and condominium footnote.
• Q2 2026 earnings release, copy via Quartr. Decision against laboratory conversion.
• December 2025 Form 8-K guidance exhibit and Investor Day exhibit. Pipeline exit and strategy context.
• Bisnow acquisition coverage. Deed figure and floor ownership, including Boston Business Journal reporting cited by Bisnow. The dossier supplies no separate BBJ link.
• Draper Laboratory history, via Wikipedia. Hill Building identity and opening year, citing Draper sources.
• CBRE Q4 2025 Boston Metro Lab Figures and secondary coverage reporting CBRE Q2 2026 vacancy. Local comparison and regional vacancy, respectively.