SAN DIEGO, Oct. 26 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced that it has completed the previously announced acquisition of the Science Center at Oyster Point and the Gateway Business Park, two adjacent life science campuses in the South San Francisco life science market, comprised of a total of approximately 489,000 square feet of laboratory, office and industrial space. The properties were purchased for approximately $298 million.
The Science Center at Oyster Point is comprised of two newly constructed, state-of-the-art research facilities with an aggregate of approximately 205,000 square feet of space, which are 100% leased on a long-term basis to Elan Corporation. The Gateway Business Park, a research and development park with an aggregate of approximately 284,000 square feet, is fully leased to Elan, FedEx Corporation and Genentech, Inc., a member of the Roche Group. As part of the acquisition, the company assumed a development agreement with the city of South San Francisco that would permit redevelopment of the campus to a total of approximately 1.23 million square feet of rentable space, representing a net increase of approximately 946,000 square feet.
Kent Griffin, President and Chief Operating Officer of BioMed, remarked, "We are very excited about this significant enhancement to BioMed's footprint in the South San Francisco submarket and our overall platform in the San Francisco Bay area. These properties exemplify BioMed's successful business model of investing in the highest quality, well-located, state-of-the-art research facilities wit
|SOURCE BioMed Realty Trust, Inc.|
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