The US real estate investment company BioMed Realty, which provides real estate to industries focusing on life science and technology, was granted approval for a major 600,000 sq. ft. (55,741 square meters) multipurpose laboratory in Cambridge, UK. The laboratory will be built at the Cambridge International Technology Park. The cost is estimated at £200M (around US$ 245M).
According to the company, “In response to significant tenant demand in Cambridge, BioMed has assembled a pipeline that will deliver up to one million square feet of additional Class A space for life science companies while helping the UK reach its potential of becoming a scientific superpower”.
As said by the CEO of BioMed Realty, Tim Schoen, “BioMed remains committed to investing in the UK by providing the mission-critical space that is needed to bring life-saving products and therapies to market and ensure the UK’s future success as a global leader in drug development”, adding that “Having engaged and worked closely with local stakeholders to bring our latest development forward, we can now deliver a scheme that will help advance Cambridge as a global home for research while supporting the local economy”.
It is expected that this project will bring 2,700 professionals to the region. The construction shall begin soon, and the first phase should be finished in 2024. The construction is also aiming to achieve a BREEAM Excellent score for a sustainable built environment.
The life science industry is the UK’s crucial economic contributor, with over 260,000 jobs, and contributions to GDP of £85B (around US$ 104B) annually. Cambridge is also considered the epicenter of research and innovation in the UK. BioMed Realty was founded in 2004 and has its headquarters in San Diego, US. It is the largest private real estate solutions provider, offering from office spaces to large life science properties, and lab spaces.
Article & Image Source: Business Wire
