Local REIT Buying Massachusetts Office Complex for $119MWednesday, February 8, 2012
BioMed Realty Trust Inc. has agreed to purchase a Massachusetts office complex for approximately $119 million.
A Feb. 6 statement said the locally based real estate investment firm plans to acquire Cambridge Place, consisting of three buildings totaling approximately 287,000 square feet, in Cambridge, Mass. The purchase is subject to customary closing conditions.
The property is approximately 80 percent leased, principally to CDM Smith Inc., a full-service engineering and construction firm, and Idenix Pharmaceuticals Inc., a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases.
BioMed has its headquarters in Rancho Bernardo and invests primarily in life-sciences real estate. The company trades under the symbol BMR on the New York Stock Exchange.
— Lou Hirsh