Choose a blog

Life sciences REIT buys two Triangle buildings

BioMed Realty Trust, a California REIT that focuses on lab space for pharmaceutical and biotechnology companies, has added two properties to its Triangle portfolio.

The company recently paid $8.6 million for the Patriot Drive Sciences Center in Durham and $6.1 million for 3000 Weston Parkway in Cary.

Both properties were owned by Phase 3 Properties.

Last summer, San Diego-based BioMed paid $17.5 million for a 62,000-square-foot building at 3500 Paramount Parkway in Morrisville.

That building is leased by Bayer CropScience. It was BioMed's first purchase in the Triangle.

Life sciences REIT pays $17.5 million for lab space in Morrisville

A California real estate investment trust that focuses on lab space for pharmaceutical and biotechnology companies has made its first purchase in the Triangle.

BioMed Realty Trust paid $17.5 million for a 62,000-square-foot building at 3500 Paramount Parkway in Morrisville that is now leased by Bayer CropScience.

The seller was Duke Realty, which built the lab space in 1999 for PPD, the Wilmington-based drug research company. Trimeris also occupied space in the building at one time.

Duke bought PPD out of its lease last year and back-filled the space with Bayer.
 

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of newsobserver.com. Click here to register or to log in.
Advertisements