BioMed Realty Pays $55M For UTC Life Sciences Complex
San Diego-based BioMed Realty has paid $55M for a two-building laboratory and office complex at 9360 and 9390 Towne Centre Dr in the University Town Center (UTC) submarket. The seller was NY-based W.P. Carey. This is BioMed’s first property transaction since being acquired by NY-based Blackstone Group in an $8B deal in January.
The two three-story buildings, with a total of 144,300 SF, include collaborative workspaces, secure subterranean parking and a reflection pool. The building at 9360 (pictured) has private and open office space and 16 conference rooms, while the 9390 building, directly across the reflection pool, includes lab and office space and eight conference rooms. This purchase greatly expands the company’s life sciences presence in UTC, creating a campus environment that includes nearby 4570 Executive Dr, which BioMed acquired in 2010, BioMed SVP Tracy Murphy told the San Diego Business Journal.
Based in Rancho Bernardo, CA, with a satellite office in UTC, BioMed Realty owns and operates a national and global portfolio of life science properties totaling more than 19M SF. About 2.6M SF of the company’s holdings are in San Diego County, of which nearly 1M SF in the UTC market. This includes i3, a 316k SF life sciences campus scheduled for completion July 2016. [SDBJ]