BioMed Picks Up University Towne Center Buildings for $55M

BioMed Realty, a San Diego-based self-advised REIT, announced that it has purchased a two-building laboratory and office property in San Diego's University Towne Center (UTC) market for $55 million. W.P. Carey, a leading global net-lease REIT, sold the buildings. While terms of the deal and represenation were not disclosed by either company, Jones Lang LaSalle has both properties listed on their marketing website. The transaction marks BioMed's first acquisition since being acquired by affiliates of New York-headquartered Blackstone Group in an $8 billion transaction that closed in January.

"This acquisition in the UTC life science hub of San Diego greatly expands our presence within one of the most vibrant innovation communities anywhere," said Tracy Murphy, senior vice president, west coast leasing at BioMed Realty. "We strive to provide our tenants with the best opportunities to grow and collaborate, and acquiring these premier buildings in the heart of UTC allows us create a true campus environment with our 4570 Executive Drive building in order to attract and retain more of San Diego's leading biotech companies here."

The acquisition of 9360 and 9390 Towne Centre Drive adds another 144,300 square feet of presence for BioMed in the UTC life science market, where it already owns another two buildings in the 9800 block of Town Centre Drive. The UTC Campus offers companies a mix of office and lab space situated around a reflecting pond, with ingress and egress access points to both the I-5 and I-805 freeways. Originally built in 1989, 9360 Towne Centre Drive features 71,390 rentable square feet of space with an existing 100% office build-out, while 9390 Towne Centre Drive offers a 65% office/35% lab split across 72,921 square feet. Each three-story building contains its own lobby area, secured underground parking, a commercial kitchen, fitness center and large conference rooms.

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