BALTIMORE, Md., Dec. 31, 2013 /PRNewswire/ -- Wexford Science & Technology, a BioMed Realty (NYSE: BMR) company, today announced the acquisition of the Chesterfield Building site in downtown Durham, North Carolina for total consideration of $7.5 million.
The seven-story Chesterfield Building was once part of the Liggett & Myers Tobacco Company complex. It is one of the last remaining historic warehouses yet to be redeveloped in downtown Durham. The Chesterfield Building is in close proximity to four universities, Duke University, University of North Carolina at Chapel Hill, North Carolina State University and North Carolina Central University, which collectively conduct over $2 billion of research each year.
"We are excited about further expanding Wexford's network in North Carolina," said Daniel C. Cramer, Senior Vice President, Development of Wexford Science & Technology. "As a developer of research-based communities for prominent research universities and their health systems around the country, we consider the Durham market, and the Chesterfield Building, an ideal location to continue Wexford Science & Technology's expansion."
The new investment will ultimately grow BioMed Realty's portfolio to more than 1.2 million square feet in North Carolina, expanding on the company's Wake Forest Innovation Quarter project and other facilities located in the Research Triangle area.
About Wexford Science & Technology
Wexford Science & Technology, a subsidiary of BioMed Realty, is a real estate investment and development company specializing in facilities for for-profit and not-for-profit institutions, especially universities, university-related research parks and healthcare systems. Wexford brings a unique approach of collaborating with clients to build knowledge communities which are vibrant, mixed-use, amenity-rich environments that foster innovation.
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 16.3 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
SOURCE BioMed Realty