BioMed Realty Trust, Inc. (NYSE: BMR
) announced that it has completed the acquisition of two parcels totally 28 acres in San Diego for $47 million, where it has entered into a long-term ground lease with Advanced BioHealing, Inc. for the construction of 150,000 square feet of office, laboratory, warehouse and manufacturing facilities starting early next year.
Advanced BioHealing is a regenerative medicine company and a subsidiary of Shire plc, which develops, manufactures and commercializes living cell-based therapies. The site can accommodate future expansion of up to a total of 800,000 square feet.
"This new campus will give us the flexibility and increased capacity we need to develop and manufacture new regenerative medicine therapies and build our foundation for continued growth in this exciting field," said Kevin Rakin, Shire's Regenerative Medicine president.
Alan D. Gold, chairman and CEO of BioMed Realty, said the multi-phased development is very well-located between Alere, Inc. and the Scripps Proton Therapy Center in the Sorrento Mesa life science submarket of San Diego.