BOSTON- BioMed Realty Trust Inc. has paid $473 million for the 702,940-sf Center for Life Science Boston in a transaction that makes the San Diego buyer the biggest owner of life science properties in the Boston area. The deal was first reported by late last month.

The seller, New Hampshire-based Lyme Properties, has leased 80% of the 18-story Longwood Medical Center property scheduled to be complete in the later part of 2008.

The 3 Blackfan Circle building will house tenants that 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 on the top four floors of the building, which also contains ground level retail and 300 underground parking spaces, is still available for rent.

BioMed Realty plans to invest $700 million in the property, including the $473 million it paid for the property. To finance the purchase and continued construction, Cleveland-based KeyBank National Association provided BioMed Realty with $550 million in acquisition and construction financing, according to a company release.

The buyer entered the Boston area market just last year with the acquisition of an eight property portfolio from Lyme for $523.6 million to quickly become one of the top holders of life science space in the metropolitan market. With the Center for Life Science Boston acquisition, BioMed holds nearly two million sf of space in the Greater Boston market.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.