BioMed brokerage enters the market with $7.7m Ewing buy.
The San Diego property is located on Waples Street in the Sorrento Mesa sub-market, an area with more than 80% of San Diego's biotechnology companies. It contains a building with approximately 43,000 rentable s/ f of space, which will be expanded and redeveloped through the joint venture. The property was bought for roughly $5.3 million in cash.
The New Jersey acquisition, located on Graphics Drive in Ewing township, represents BioMed Realty's initial entry into an important region of life science research. The Graphics Drive property contains approximately 72,300 rentable s/f of space and was acquired for about $7.7 million in cash.
BioMed acquired the third building at its Bridgeview property in Hayward, Ca. for approximately $16.2 million in cash. The building contains approximately 50,400 rentable s/f of space and is fully leased to Cell Genesys, Inc., a public company focused on the development and commercialization of biological therapies for patients with cancer.
"The acquisitions in San Diego, New Jersey and San Francisco further strengthen the company's presence in important target life science regions, while leveraging our organization's expertise and commitment to growth in a fragmented market," said Matthew G. McDevitt, vice president of acquisitions with BioMed Realty Trust.
"These acquisitions also highlight the premier life science real estate-oriented management team we have created and the strong relationships we have formed in the life science industry. We look forward to further capitalizing on our strengths and unique qualities as we continue to focus on expansion in existing and new markets," said Alan D. Gold, president and CEO of BioMed Realty.
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|Title Annotation:||NEW JERSEY; BioMed Realty Trust Inc.|
|Publication:||Real Estate Weekly|
|Date:||Apr 27, 2005|
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