BioMed Realty Trust, Inc. announced today that it has completed the acquisition of 320 Charles Street in Cambridge, Massachusetts in a transaction valued at $52 million. The property comprises approximately 99,500 square feet of laboratory and office space currently leased to The Whitehead Institute for BioMedical Research. In connection with the acquisition, BioMed Realty issued approximately 2.0 million operating partnership units in BioMed Realty, L.P. to the seller, with the balance of the purchase price paid in cash.
Kent Griffin, BioMed Realty’s President and Chief Operating Officer, commented, “This acquisition enables us to expand our footprint in Cambridge, Massachusetts, arguably the most vibrant life science market in the U.S., if not the world. In addition, our funding of over 80% of the acquisition cost with equity serves as another illustration of our capital strategy: matching long-term value creation opportunities with long-term funding sources.”
About BioMed Realty Trust
BioMed Realty delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 16.3 million rentable square feet including the properties of Wexford Science & Technology, a wholly-owned subsidiary of BioMed Realty, which meet the growing and specialized facilities needs of for-profit and not-for-profit institutions, including universities, university-related research parks and healthcare systems. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com and www.wexfordscitech.com.