The acquisition establishes BioMed as a leading owner of life science office and laboratory space in the Cambridge market. The portfolio includes approximately 1.1 million sf of laboratory and office space, 98% of which is leased to a variety of Cambridge biotech firms, including Genzyme, Vertex Pharmaceuticals, Millennium Pharmaceuticals, Metabolix and Monsanto. Dartmouth College holds the lease on the New Hampshire property, which is sublet to Centerra Biolabs. The purchase also includes a 447-space parking garage here.
The local properties are located at 650 and 675 Kendall St. in Kendall Square, the Fort Washington Research Park at 40 Erie St. and 200 Sidney St., 270 Albany St., 325 Vassar St. and 21 Erie St. along with a six-story, open-air garage at 47 Erie St., which provides parking for the Fort Washington Research Park and the 270 Albany St. and 21 Erie St. properties. The New Hampshire acquisition is situated adjacent to the Dartmouth Hitchcock Medical Center in Lebanon.
The acquisitions, including a recent $8.8-million cash purchase of a San Francisco biotech property, increase BioMed's real estate portfolio to 32 properties, representing 55 buildings with approximately 4.2 million sf in all of the major life science markets in the country.
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