BioMed Realty Expands Life Science Portfolio
The firm has acquired a 162,000-square-foot office building and an adjacent land parcel at the Assembly Square campus near Boston.
BOSTON – BioMed Realty has acquired an existing 162,000-square-foot office building and an adjacent 7.5 acre site in Somerville, MA.
The properties are located at the Assembly Square campus, which will be developed in phases and will encompass 1.3 million square feet of best-in-class, purpose-built space for research, technology and life science tenants.
Offering access to leading scientific research, biotech companies and capital providers, Assembly Square is situated in close proximity to the Massachusetts Institute of Technology, Harvard and other top tier research and education institutions.
The design of Assembly Square’s initial phases are currently underway. The initial phases will consist of R&D, innovation and retail space, as well as amenity areas, open public recreation and a roof deck. The campus’s retail area, Assembly Row, will feature dining, shopping, fitness and entertainment options.
“We are excited to welcome BioMed Realty as a new innovator in the Assembly Square tech ecosystem,” states Somerville Mayor Joe Curtatone. “Having a world-leading life science developer launch this new major life science cluster in Somerville will open up the growth, jobs and new opportunities our community seeks. Simply put, it opens the door for our city to become a pioneer in the biotechnology space. Assembly Square will become a place where life science professionals collaborate, experiment, discover and advance the nation’s – and world’s – efforts to tackle vital health challenges.”
“Our vision for the Assembly Square location is to create a premier innovation campus where science and technology intersects,” says Sal Zinno, VP of BioMed Realty. “With close proximity to downtown Boston, the airport, a major interstate highway, public transit and adjacent amenities including restaurants, entertainment and new retail, it’s an ideal location and size for a large life science company to establish a prominent headquarters.”
With the recent Assembly Square acquisition, BioMed Realty now serves as the owner and operator of one of the largest life science real estate portfolios in the area. In addition to its Assembly Square properties, the firm’s current portfolio of lab and office space includes properties in nearby Cambridge and Boston’s Longwood Medical Area and Seaport District.
“As the life science industry continues to grow in Massachusetts, BioMed Realty’s Assembly Square location is filling an important need for the increasing number of biopharma companies who are looking to locate to the Boston region,” says Kendalle Burlin O’Connell, president and COO of MassBio. “Thriving mini-clusters in highly desirable and centrally located places like Somerville help ensure our members can thrive and bring new therapies and cures to patients faster.”