A real estate investment trust that has been based in San Diego, California known as BioMed Realty Trust Inc. has recently purchased the large Cambridge Place facility in Cambridge, Massachusetts. This is very exciting news for all of those involved with BioMed. They can now proudly report that their presence in The Greater Boston Area has reached a total of 3.2 million square feet of space.
The recent acquisition of Cambridge Place comprises of a total of 287,000 square feet located within three different buildings. At a cost of $119 million to BioMed, this new property will further enhance the development of the study of life sciences in the area. Already within the three buildings, which are at an occupancy level of roughly 80%, there are firms leasing space such as Idenix Pharmaceuticals Inc., a biopharmaceutical business, and CDM Smith Inc. which is an engineering and construction firm.
Now BioMed can add Cambridge Place to its long list of territory throughout the United States. Of this, they have also recently expanded their portfolio with ownership of property now in Research Boulevard in Maryland and Ardsley Park in New York. As we discussed in a number of recent blog posts, there is a great deal of activity lately in the city of Cambridge. With this increased attraction to Boston and our surroundings, there is much optimism amongst the public for the direction our economy is headed in the near future.
More Information: Boston.com