This summer, BioMed Realty Trust Inc. closed on its purchase of two parcels of land comprising approximately 28 adjacent acres in San Diego. The price was approximately $47 million. Concurrently, the company also entered into a long-term ground lease for both sites with Advanced BioHealing Inc., a regenerative-medicine company and subsidiary of Shire plc that develops, manufactures and commercializes living cell-based therapies.

Advanced BioHealing intends to construct office, laboratory, warehouse and manufacturing facilities totaling in excess of 150,000 square feet on the site, which will also be able to accommodate expansion to a potential total of 800,000 feet. At the time of the deal, Kevin Rakin, Shire's president of regenerative medicine, said that the company in its expansion strategy wants to build its presence in the San Diego area.

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