Biomed Closes on $64M UTC Building Buy

SAN DIEGO-Biomed Realty Trust Inc. has closed on its purchase of 4570 Executive Dr. in the UTC submarket for $63.5 million. The purchase of the 125,219-square-foot biomedical office building, as GlobeSt.com previously reported, was part of a larger 14-building acquisition of more than $290 million in the San Diego area and in five states outside of California.

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

The seller was San Diego based LMC Executive Investment Co. LLC. Cassidy Turley BRE Commercial represented both the buyer and seller in the transaction. A Cassidy Turley source tells GlobeSt.com that the other deals are expected to close later in the month or early next month. 

“The investment market for these premier projects in the life science arena is very robust right now because the Real Estate Investment Trusts that own these types of properties are continually attempting to gain market share and increase their portfolio of quality tenants,” says Dave Odmark of Cassidy Turley BRE Commercial.

The other  properties to be acquired include: 10240 Science Center Drive in Torrey Pines; and 11388 Sorrento Valley Rd., 11404 and 11408 Sorrento Valley Rd. and a nine-building business park located between Roselle Street and Flintkote Avenue in Sorrento Valley. The properties are approximately 92% leased on a weighted average basis to a high-quality, diversified tenant roster, which includes Amylin Pharmaceuticals, Inc., Bristol-Myers Squibb Company, the University of California at San Diego, eBioscience Inc. and Halozyme Therapeutics Inc. The acquisitions would increase BioMed's San Diego portfolio to approximately 1.8 million rentable square feet.

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