SAN DIEGO-Biomed Realty Trust Inc. has closed on its purchase of4570 Executive Dr. in the UTC submarket for $63.5 million. Thepurchase of the 125,219-square-foot biomedical office building, asGlobeSt.com previously reported, was part of a larger 14-buildingacquisitionof more than $290 million in the San Diego area and in five statesoutside of California.

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The office building, located in the University Towne Centresubmarket, is the first of five life science properties purchasedby Biomed Realty Trust Inc. in the San Diego area. The four-storybuilding, clad in marble, is 100% leased to Bristol Myers Squibb,Amylin Pharmaceuticals and UCSD.

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The seller was San Diego based LMC ExecutiveInvestment Co. LLC. Cassidy Turley BRE Commercial represented boththe buyer and seller in the transaction. A Cassidy Turley sourcetells GlobeSt.com that the other deals are expected to close laterin the month or early next month.

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“The investment market for these premier projects in the lifescience arena is very robust right now because the Real EstateInvestment Trusts that own these types of properties arecontinually attempting to gain market share and increase theirportfolio of quality tenants,” says Dave Odmark of Cassidy TurleyBRE Commercial.

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The other properties to be acquired include: 10240 ScienceCenter Drive in Torrey Pines; and 11388 Sorrento Valley Rd., 11404and 11408 Sorrento Valley Rd. and a nine-building business parklocated between Roselle Street and Flintkote Avenue in SorrentoValley. The properties are approximately 92% leased on a weightedaverage basis to a high-quality, diversified tenant roster, whichincludes Amylin Pharmaceuticals, Inc., Bristol-Myers SquibbCompany, the University of California at San Diego, eBioscienceInc. and Halozyme Therapeutics Inc. The acquisitions would increaseBioMed's San Diego portfolio to approximately 1.8 million rentablesquare feet.

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Alan D. Gold, BioMed’s chairman and CEO, describes the tenantrosters at the properties as “top-caliber life scienceorganizations from each of our primary tenant classifications:research institutions, A-rated public companies, larger,established public companies, mid-stage life science companies andearly-stage life science organizations.”

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.