$9M Takes Lab Building for BioMed

Besides the building, the San Diego-based REIT acquired the fee interest in 5.8 adjoining acres from the Trustees of Princeton University, and simultaneously bought 9.6 acres of open land bordering the property from the Trustees. The latter has a build-out capability of 20,000 sf.

"The Princeton market is the epicenter of the biotech community in New Jersey," says Tom Giannone, senior director of Cushman & Wakefield's Global Life Science Practice, who teamed with C&W's Christopher Kinum to arrange the deal. "BioMed is growing steadily in the area, and nationally, and this acquisition is a continuation of its goal of assembling a national portfolio of life science properties."

The pick-up represents BioMed's second in New Jersey in just more than a year. The REIT earlier made its entry into the market, buying 7 Graphics Dr., a 72,300-sf property in Ewing Twp., in a deal similarly orchestrated by Giannone and Kinum. The property's current tenants are Redpoint Bio and Medeikon, and 40,000 sf is still available.

The entire One Research Way is vacant and available for lease, with the new owner launching an interior/exterior renovation to make it ready for occupancy. Located within Princeton Forrestal Center, it was formerly occupied by the Liposome Co., a biotech company focused on oncology, but was vacated after that company's acquisition by Ireland's Elan Corp.