The seller, New Hampshire-based Lyme Properties, has leased 80% of the 18-story Longwood Medical Center property scheduled to be complete in the later part of 2008.
The 3 Blackfan Circle building will house tenants that include Beth Israel Deaconess Medical Center, Children's Hospital Boston, Dana-Farber Cancer Institute and the CBR Institute for Biomedical Research. About 98,000 sf on the top four floors of the building, which also contains ground level retail and 300 underground parking spaces, is still available for rent.
BioMed Realty plans to invest $700 million in the property, including the $473 million it paid for the property. To finance the purchase and continued construction, Cleveland-based KeyBank National Association provided BioMed Realty with $550 million in acquisition and construction financing, according to a company release.
The buyer entered the Boston area market just last year with the acquisition of an eight property portfolio from Lyme for $523.6 million to quickly become one of the top holders of life science space in the metropolitan market. With the Center for Life Science Boston acquisition, BioMed holds nearly two million sf of space in the Greater Boston market.
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