BioMed Realty Inks $511M Pact for Lyme Portfolio

CAMBRIDGE, MA-BioMed Realty Trust has inked an agreement with affiliates of New Hampshire-based Lyme Timber Co. to acquire the firm’s US portfolio in a $511-million deal. The acquisition will make BioMed one of the largest holders of life science properties in the country.

The acquisition, which is expected to close in the second quarter, includes about 600,000 sf of lab space at 320 Bent St. and 301 Binney St., both in Cambridge’s Kendall Square, along with a development parcel adjacent to the Houston Medical Center in Houston and the Science Park at Yale, located adjacent to Yale University in New Haven, CT.

“We see this acquisition as a way to provide space and opportunities for our prospective tenants who are looking to grow,” Kent Griffin, CFO with BioMed, tells GlobeSt.com. Griffin says the acquisition also gives the firm a stabilized asset with lease-up potential and some development opportunities. The Cambridge properties are also part of the Rogers Street campus, a portion of which was acquired by BioMed in a May 2005 portfolio deal with Lyme, he notes.