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BioMed Drops $53M on Life Sciences Bldgs. in Rockville

Venter Institute Trades 218,000-SF Portfolio in Sale Leaseback
May 7, 2010
San Diego, CA-based BioMed Realty Trust Inc. recently purchased five buildings on Medical Center Drive in Rockville, MD, for $53 million, or approximately $243 per square foot.

The 217,983-square-foot life sciences portfolio is fully occupied by the seller, J. Craig Venter Institute, which will lease back the space. The properties are in the "DNA Alley" along the Interstate 270 corridor in Montgomery County.

BioMed acquired the campus as part of its growth strategy, which currently includes owning a fully leased portfolio in Maryland comprised of 15 buildings totaling 1.4 million rentable square feet.

JCVI was searching for a real estate partner with the "financial strength, stability and flexibility to support our multidisciplinary genomic-focused research needs," said J. Craig Venter, Ph.D., founder, chairman and president of the genomic research firm.

James Meisel, James Barter and Stephen Potts of HFF represented BioMed.

For more information, please see CoStar COMPS #1912466.
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