CAMBRIDGE, MA-BioMed Realty Trust Inc. has completed the acquisition of 320 Charles St. here in a deal valued at $52 million, or $523 per square foot. The San Diego-based life sciences REIT did not identify the seller; industry data indicate it was Joseph Matzcam.
One hundred percent leased to the Whitehead Institute for BioMedical Research, 320 Charles comprises about 99,500 square feet of laboratory and office space. In connection with the acquisition, BioMed issued 2,034,211 operating partnership units in BioMed Realty L.P. to the seller, with the $8-million balance of the purchase price paid in cash, industry data show.
“This acquisition enables us to expand our footprint in Cambridge, arguably the most vibrant life science market in the US, if not the world,” Kent Griffin, BioMed’s president and COO, says in a release. “In addition, our funding of over 80% of the acquisition cost with equity serves as another illustration of our capital strategy: matching long-term value creation opportunities with long-term funding sources.”
BioMed already can claim a sizable life science portfolio in Cambridge, running to some 2.1 million square feet across 14 properties along with a 447-stall parking garage and a 37-unit apartment building. The REIT also controls 704,159 square feet at the Center for Life Science at 3 Blackfan Circle in Boston. Its last acquisition in Cambridge was the three-building, 286,878-square-foot One, Two and Three Cambridge Place complex, for which it paid $119 million to MetLife in February 2012, according to industry data.
Earlier this year, Richards Barry Joyce & Partners noted that the region is home to the largest privately funded commercial construction pipeline in the US, with 11 biotech-related construction projects under way in Boston and Cambridge, representing a total of 3.4 million square feet of laboratory and office space, much of it pre-leased. Additionally, nine of the world’s 10 largest biopharmaceutical firms have a Greater Boston presence.