CAMBRIDGE, ENGLAND-BioMed Realty Trust Inc., based in San Diego, has gone across the pond in an agreement to purchase the 210-acre Granta Park property here for about $196 million. UK-based MEPC is selling the site, which includes 11 laboratory and office buildings totaling almost 500,000 square feet.
The property is located in the University of Cambridge Science Cluster, an area also known as Silicon Fen. Granta is occupied by tenants such as MedImmune, Pfizer, Gilead Sciences, UCB and Pharmaceutical Product Development.
Alan Gold, chairman and CEO of BioMed, said in a statement that the property is the premier life science cluster in Europe. “The Cambridge market enjoys all of the critical elements that mark a strong, self-sustaining life science cluster: Proximity to premier academic and research institutions, a highly-skilled workforce, access to financial partners and a healthy portfolio of strong commercial life science organizations,” Gold said.
BioMed, which owns or has interest in 12.5 million square feet predominantly along the US coasts, anticipates incurring transaction costs of about $12 million for this UK transaction. Latham & Watkins and Ernst & Young provided legal and tax advisory services.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
