X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA-In what it termed a “landmark acquisition,” San Diego-based BioMed Realty Trust Inc. has completed a $523.6-million acquisition of an eight-property portfolio here and in Lebanon, NH from the Lyme Timber Co. in a cash sale that marks one of the biggest biotech acquisitions in the Bay State.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.