CAMBRIDGE, MA-BioMed Realty Trust has entered a $119-million acquisition agreement for Cambridge Place. In total, the REIT will take on three office buildings, approximately 287,000 square feet, here. According to the company, in aggregate, the assets are 80% leased to CDM Smith, Inc., a full-service engineering and construction firm, and Idenix Pharmaceuticals, Inc.
However, not only has the REIT taken on these new properties, but it has also opened itself up for new opportunities in the Boston area. Executive vice president, real estate, Matthew McDevitt says, "Two Cambridge Place provides a retrofit opportunity to turn it into labs, or because the office market is so tight here, we might just go office. The acquisition has given us the opportunity to expand our presence in Cambridge and have more product there. We were well-suited because of the variable nature of the buildings."
Describing Boston as one of its "core markets," McDevitt is optimistic about the acquisition and BioMed’s area presence. "This provides a lot of complements to our existing portfolio," which covers both east and west coast markets, including San Francisco and San Diego.
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