Forest City Realty Trust Inc., in a joint venture with Madison International Realty, has acquired the interest of its partner in three office buildings, a parking facility and a 50,000-square-foot commercial space at University Park at MIT in Cambridge, Mass., a transaction valued at $302 million, including the assumption of debt.

"University Park at MIT is one of the most productive assets in our portfolio, making the opportunity to acquire our partner's interest compelling," Forest City CEO David J. LaRue said in a statement. "We believe selectively acquiring partner interests in strong operating properties is one of our best and lowest-risk capital allocation options."

Forest City is the owner of seven other life science office buildings and four multifamily apartment communities in University Park at MIT campus.