BioMed Realty Acquires 320 Charles In Cambridge, MA
BioMed Realty Trust, Inc. (NYSE: BMR) has completed its acquisition of 320 Charles Street in Cambridge, Mass. The transaction is valued at $52 million.
The property comprises approximately 99,500 square feet of laboratory and office space currently leased to The Whitehead Institute for BioMedical Research. In connection with the acquisition, BioMed Realty issued approximately 2.0 million operating partnership units in BioMed Realty, L.P. to the seller, with the balance of the purchase price paid in cash.
"This acquisition enables us to expand our footprint in Cambridge, Massachusetts, arguably the most vibrant life science market in the U.S., if not the world," said Kent Griffin, BioMed Realty's President and Chief Operating Officer in a statement. "In addition, our funding of over 80% of the acquisition cost with equity serves as another illustration of our capital strategy: matching long-term value creation opportunities with long-term funding sources."
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