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December 5, 2023

Yale Univ. buys downtown New Haven building for $139.6M

PHOTO | Courtesy Winstanley Enterprises 300 George St., New Haven

Yale University has purchased a life science office and laboratory building at 300 George St., in New Haven for $139.6 million.

The transaction was recorded with the city Dec. 1.

Yale purchased it from WE George Street LLC, which is affiliated with Winstanley Enterprises of Concord, Mass. Winstanley bought the building in 2000 for $27.5 million.

The city last appraised the building, which was constructed in 1959, at $109 million, city records show.

A description of the property on Winstanley Enterprises’ website describes it as encompassing 518,940 square feet on 2.4 acres.

Winstanley Enterprises has been leasing the building in recent years to multiple tenants, including Yale University, Yale New Haven Hospital and multiple biotechnology companies.

The building was initially constructed to serve as a call center for Southern New England Telephone.

Winstanley Enterprises, the developer behind life science towers at 100 and 101 College St., New Haven, originally acquired the George Street property due to its proximity to the Yale School of Medicine. According to the company, the site has played an “integral role in the city’s growing biotechnology sector.”

Lauren Zucker, a spokeswoman for Yale University, said Tuesday it plans to continue operating the building “as is.”

“Over the years, Yale has continued to invest both dollars and people into this building with Yale’s occupancy reaching 75% of mostly life-science laboratory space this year,” Zucker said, via email. “300 George, and Yale’s occupancy, instigated and anchored the life science industry in New Haven.”

Yale University does not plan on taking the property off of the tax rolls immediately. To the extent it does so in the future, Yale will follow the terms of its partnership agreement with the city, according to Zucker. Through this agreement, the university makes annual voluntary financial contributions to the city. 

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