SAN DIEGO, Feb. 6, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it has entered into a definitive agreement to acquire Cambridge Place, comprising three buildings and a total of approximately 287,000 square feet of space in Cambridge, Massachusetts. In aggregate, the property is approximately 80% leased, principally to CDM Smith, Inc., a full-service engineering and construction firm, and Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases.
Commenting on BioMed Realty's latest investment in the Cambridge market, Alan D. Gold, Chairman and Chief Executive Officer, 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."
The purchase price for the property is approximately
$119.0 million, excluding closing costs. The acquisition is subject to the satisfaction of customary closing conditions, and BioMed Realty can offer no assurances that the acquisition will close on the terms described herein, or at all.
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