BioMed Realty Trust, Inc. (BMR) inked a new deal with the subsidiary of Baxter International Inc. (BAX) – Baxter Healthcare Corporation – for leasing around 200,000 square feet of space at 650 East Kendall Street in Cambridge, MA.
650 East Kendall Street property is a life science facility and spans 282,000 square foot. The property is positioned near the M.I.T. and Harvard campuses and has energy efficiency certification. The building boasts of several renowned tenants such as AVEO Pharmaceuticals, Inc. (AVEO) and Ipsen Bioscience.
BioMed Realty owns this building in a joint venture with Prudential Real Estate Investors – the real estate investment management business of Prudential Financial, Inc. (PRU). As a matter fact, Baxter plans to construct a new global innovation and research and development (R&D) center at 650 East Kendall Street property. Along with the abovementioned lease deal, BioMed Realty penned a lease termination with an existing tenant in the property. With this, 650 East Kendall Street property is now fully leased.
We are encouraged by this lease deal as it depicts solid demand for BioMed Realty’s assets. Particularly, the strategic location of the 650 East Kendall Street property makes it much sought after in Cambridge. The deal will help boost rental revenue growth for BioMed Realty, going forward.
BioMed Realty focuses on providing real estate solutions to the life science industry in the U.S. Its tenants primarily include scientific research institutions, biotechnology and pharmaceutical companies, government agencies and other entities involved in the life science industry. Currently, this real estate investment trust (REIT) has interests in properties comprising approximately 17.2 million square feet of rentable space.
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