BioMed Realty Trust Inc., a San Diego-based real estate investment trust that focuses on the life sciences industry, said it has agreed to buy Cambridge Place for $119 million.
When completed, the transaction would expand BioMed’s real estate portfolio in the Greater Boston-Cambridge market to about 3.2 million square feet of space, the company said in a press release.
Cambridge Place is made up of three buildings that collectively have about 287,000 square feet of space. The property is 80-percent leased, and tenants include CDM Smith Inc., an engineering and construction firm, and Idenix Pharmaceuticals Inc., a biopharmaceutical company.
In a statement, BioMed Realty chairman and chief executive Alan D. Gold said: “We are very excited about the acquisition of Cambridge Place, which expands our portfolio and our ability to meet the need for life science space in Cambridge, the preeminent life science market in the world. Similar to our recent investments in Ardsley Park in New York and Research Boulevard in Maryland, the addition of Cambridge Place to our portfolio provides a compelling value creation opportunity through our superior lease execution and property operating expertise.”