Diversified Healthcare Trust announced on January 31, 2025, the completion of the $159.0 million sale of MUSE, a life science property located in Torrey Pines, San Diego. The asset consists of three buildings totaling 186,000 square feet.
At the time of sale, the MUSE property was 49% leased, with a weighted average lease term exceeding eight years. DHC plans to allocate the proceeds from this sale towards paying down its senior secured notes, which are scheduled to mature in January 2026.
Chris Bilotto, President and CEO of DHC, commented that the sale monetizes a high-quality asset in a leading life science market at an attractive valuation. This transaction provides accretive debt reduction, thereby strengthening DHC's overall financial position.
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