BioMed Adds $9M-Plus Tech Center Property

MALVERN, PA-BioMed Realty Trust has acquired the 76,389-sf office/lab building at 2-30 Spring Mill Dr. in Great Valley Corporate Center for $9.4 million, or about $123 per sf. This joins its earlier acquisition of an adjacent 104,400-sf building, and the REIT, which specializes in biotech and pharmaceutical space, is creating the Technology Center at Malvern within the Great Valley Park.

The newly acquired building is approximately 20 years old and is currently 95% leased. Mike Brown, senior vice president in the Philadelphia office of Trammell Crow Co., negotiated the transaction. The seller is locally based Penns Wood Spring Mill Associates LP. Brown will also handle leasing for BioMed, which is based in San Diego and has offices in Berwyn, New York City, Boston and San Francisco.