BioMed Realty investing £35m in new Babraham labs and offices
Californian giant BioMed Realty is spreading its Cambridge UK investment footprint by injecting £35 million into the construction of new laboratories and offices at Babraham Research Campus.
Already backing the expansion of Granta Park, the San Diego company – now a Blackstone portfolio business – has signed a long-term lease on approximately eight acres of BBSRC-owned land at the Babraham Research Campus.
The investment will enable the ground-up construction of two new buildings for growing bioscience-based companies at the campus.
The Babraham Research Campus is a leading hub of bioscience research and innovation that supports early stage and growing biomedical enterprises. At the centre of the campus is the world-class Babraham Institute, which receives strategic funding from BBSRC and BBT, its trading subsidiary, through which the campus is being managed and further developed.
Derek Jones, BBT chief executive, said: “Over the years, we have had a very good relationship with BioMed Realty at Granta Park, recognising the potential synergies between the two sites.
“This is a natural extension of that relationship. This inward investment in buildings on the site will support those growing scale-up companies who wish to be part of our campus community but are seeking larger premises than we are currently able to provide.
“We are excited by the opportunities this brings to continue to grow and develop the campus and to support the world-leading life science businesses in the Cambridge region.”
BioMed Realty, a leading provider of real estate solutions to the life science industry, owns and operates an existing presence in Cambridge at its Granta Park campus.
The company plans to invest approximately £35 million to construct two buildings at Babraham comprising around 108,000 sq ft of integrated laboratory and office facilities.
The buildings will host life science companies requiring grow-on space and take advantage of the distinct environment and community at the campus. After construction, which is anticipated to begin by the end of 2017 and be completed in the second quarter of 2019, it is expected that BBT will manage the property on behalf of BioMed Realty.
Tim Schoen, CEO and president of BioMed Realty, said: “We are very excited about our partnership with BBSRC and the BBT to expand the Babraham Research Campus and our presence in the world-renowned Cambridge UK life science marke.
“Our commitment to Cambridge was forged in 2012 at Granta Park, which we have since enlarged by 250,000 sq ft. We pledge to assemble the strongest, most knowledgeable team in the industry to deliver exceptional, state-of-the-art research facilities to foster the ground-breaking science happening at the Babraham Research Campus.”