11/6/2006

Center for Life Science in Boston for sells for $473 million

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BioMed Realty Trust purchased the Center for Life Science at 3 Blackfan Circle in Boston for $473 million on Nov. 30, 2006.

The seller was Lyme Properties, a developer of life science and mixed-use properties. The company was represented by Cushman & Wakefield in the transaction.

BioMed Realty plans to invest an additional $700 million to complete construction of the life science research building before its 2008 opening.

The 702,940 square foot lab building is 80 percent pre-leased to Beth Israel Deaconess Medical Center, Children's Hospital Boston, Dana-Farber Cancer Institute and CBR Institute for Biomedical Research.

The remaining space available for lease includes approximately 98,000 square feet located on the top four floors of the 18-story building, which also will contain space on the first floor for retail shops and 300 below-grade parking spaces.

BioMed Realty Trust, Inc. is a real estate investment trust focused on providing real estate to the life science industry.

Address: 3 Blackfan Circle, Boston, Mass.

Size: 702,940 square feet

Built: 2008

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