0,000 square feet of future redevelopment and development potential. Concurrently, the company announced the signing of a new 15-year lease with Acorda Therapeutics, Inc. for approximately 138,200 square feet of laboratory and office space. Pursuant to the lease agreement, BioMed will proceed on an extensive renovation of the property over the next twelve months, bringing the estimated total investment in the property upon lease commencement to approximately $36.0 million.1701 / 1711 Research Boulevard in Rockville, Maryland, for $17.5 million consisting of a single building comprising approximately 104,700 square feet of laboratory and office space and approximately 145,000 square feet of development potential.450 Kendall Street in Cambridge, Massachusetts comprising approximately 33,500 square feet of development potential in the Kendall Square area for $5.0 million.
At June 30, 2011, the company's total portfolio comprised 12.3 million square feet, with an additional 3.5 million square feet of development potential. The current operating portfolio's leased percentage was approximately 90.5% leased at quarter end.
Subsequent to quarter end, the company completed the early delivery of its Gazelle Court property, a 176,000 square foot build-to-suit research facility for Isis Pharmaceuticals, Inc. in Carlsbad, California, with Isis leasing the new building for a 20-year term.
The company's property portfolio included the following as of June 30, 2011:Rentable Square FeetCurrent operating
9,395,591Long-term lease up
176,000Unconsolidated partnership portfolio
954,558Total property portfolio
15,780,420Financing ActivitySubsequent to the quarter end, the company entered into a new $750 million unsecured revolving credit facility, replacing the previous unsecured revolving cr
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|SOURCE BioMed Realty Trust, Inc.|
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