BioMed Realty spends $40m on three US life science facilities
The real estate investment trust said the new research and development (R&D) facility in Torrey Pines, California, cost $24.9m (€19.2m) and is being leased to the University of California San Diego (UCSA) until 2018.
The facility, which is located opposite the University Science Centre – also owned by BioMed - measures about 48,300 sq ft in size and house laboratory, office and manufacturing space to support life science research and development efforts.
Rick Howe of BioMed told Outsourcing-Pharma: “3525 John Hopkins Court represents a premier location and facility in Torrey Pines submarket of San Diego, one of the most important centres of biotechnology innovation in the world, and affords us the opportunity to further expand and enhance our relationship with UCSD, a preeminent life science research institution.”
Research Triangle facilities
The company continues to widen its assets with the addition of two life science buildings in the centre of the Research Triangle area of North Carolina. BioMed said it paid $8.6m (€6.6m) for the Patriot Science Centre, a 48,400 sq ft laboratory and office building, and $6.1m (€4.7m) for the Weston Parkway life science research facility, measuring 30,600 sq ft, in Research Triangle Park, North Carolina.
The firm revealed that the two properties are 88 per cent leased.
“Completion of these acquisitions puts an exclamation point on a most productive 2010 for our acquisitions and leasing team,” BioMedsaid.
“Our portfolio, which now totals over 12 million rentable square feet, is very well positioned to capitalise on this momentum and the continued strength of the life science industry,” said the company.
Howe describes the life science industry as one of the stronger economic engines for the United States. “It is one sector where the US continues to have a competitive edge globally as the dominant provider of research in the life science arena,” he said.
