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BioMed Buys Net Leased Lab for $19M

SALT LAKE CITY-The San Diego-based life sciences REIT acquires a 93,650-sf building here that is net leased to a pharmaceutical company for the next 15 years.

By Brian K. Miller | Updated on January 06, 2006

SALT LAKE CITY-A net-leased, 93,560-sf laboratory building in the University of Utah Research Park has changed hands for $19 million. The San Diego-based life sciences REIT BioMed Realty acquired research facility from NPS Pharmaceuticals, which has committed to lease the building on a triple-net basis for the next 15 years.

NPS is a public company engaged in the discovery, development and commercialization of small molecule drugs and recombinant proteins to treat bone and mineral disorders, osteoporosis, gastrointestinal disorders and central nervous system disorders. The street address of the research lab is 383 Colorow Dr.

The acquisitions of these properties increase BioMed’s real estate portfolio to 39 properties, representing 62 buildings with approximately 4.7 million rentable square feet in all of the major life science markets in the United States.

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