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WESTBOROUGH, MA- Alexandria Real Estate Equities, Inc. has added to its Bay State biotech holdings with the $9.4-million acquisition of a 113,000-sf office, laboratory and R&D complex in the heart of Boston’s growing suburban biotech market.Paul Leone, with Richards Barry Joyce & Partners’ Boston office, tells GlobeSt.com that the Pasadena, CA buyer beat out several other bidders in a hotly contested race to take ownership of the 20 Walkup Dr. building here from Braintree-based seller Campanelli Cos. The buyer specializes in acquiring office and lab space.

“The building generated a lot of interest” from both investors and owner-occupants, says Leone, noting that a multimillion-dollar renovation in early 2001 which created high-end lab and office space was a key factor that drove bidders to the property.

It was Alexandria’s high ticket offer, however, that sealed the deal, he notes. “They really liked the level of engineering and infrastructure that was in the building,” he says. “It’s hard to replicate that level of specialization.”

Located in Boston’s western suburbs that is also home to Genzyme and other life sciences firms, the property was the second lab building acquired by Alexandria in the area. The firm also owns the Worcester Biotech Center in Worcester and has holdings in California, Pennsylvania, Seattle, Washington, DC and Canada.

The firm’s latest acquisition, which was delivered vacant, will be home to RenaMed Biologics, Inc. which will relocate its corporate headquarters from Lincoln, RI under a long-term lease signed earlier this year.

The transaction was brokered on behalf of the seller by Leone along with Brian McKenzie and John Lashar, also with Richards Barry Joyce & Partners. Alexandria Equities was self-represented in the deal.

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