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BOSTON-BioMed Realty Trust Inc. has agreed to buy the 702,940-sf Center for Life Science Boston for $507 million from affiliates of New Hampshire-based Lyme Properties. The deal that will make the San Diego buyer the largest holder of life sciences properties in the Boston area.

Kent Griffin, chief financial officer for BioMed, tells GlobeSt.com that the company, which will pay an additional $200 million to complete the 18-story property now under development by Lyme, will close on the asset by the fourth quarter.

The 3 Blackfan Circle building, which lies in the center of Boston’s Longwood Medical area, is 80% leased nearly two years before its scheduled completion in 2008. Its tenants will include Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Dana-Farber Cancer Institute and the CBR Institute for Biomedical Research. About 98,000 sf of remaining space on the building’s top four floors, has already drawn a lot of interest, Griffin says. The building will also contain retail space and 300 underground parking spaces.

The acquisition will add to BioMed’s 1.2 million sf of holdings in the Boston area, primarily in Cambridge’s Kendall Square, Griffin notes. The company broke into the metro market last year when it acquired a portfolio of eight properties from Lyme for $523.6 million. That portfolio includes about 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.

Griffin says the firm’s latest acquisition fits well with BioMed’s strategy of acquiring properties in core life science markets. The firm will make additional information available about the pending acquisition during its third quarter conference call, he adds.

Officials with Lyme Properties did not return calls from GlobeSt.com.

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