- BioMed Realty and Babraham Research Campus Ltd to deliver 40,000 square foot building through a new joint venture
- This development represents BioMed’s investment in its third building on the Campus and provides much needed space for scale-ups in the Cambridge, UK market
- The joint venture anticipates investing an additional £26 million to develop this facility over time and expects to support nearly 265 new local construction jobs
- The new building will incorporate fitted lab and office suites designed for flexibility to accommodate several life science companies
- The development will be constructed with a BREEAM ‘Excellent’ score and a notable net gain in biodiversity
- Construction will begin imminently, with completion due Q4 2023
- BioMed Realty becomes a strategic supporter of the Babraham Research Campus Accelerate@Babraham Programme.
CAMBRIDGE, England–(BUSINESS WIRE)–BioMed Realty (“BioMed” or the “Company”), a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, is expanding its footprint at the Babraham Research Campus (“BRC”) following the formation of a joint venture with Babraham Research Campus Ltd to deliver a 40,000 square feet purpose-built building with new fitted laboratory space.
According to market data tracked by BioMed, heightened tenant demand in the UK has driven space availability to essentially zero for functional lab and office space, potentially locking out promising start-ups and scale-ups.
The new collaboration with the Babraham Research Campus is in response to significant tenant demand in Cambridge and ensures space for life sciences companies that are typically under-served UK-wide; namely those growing out of the early stages of incubation with an ambition to scale.
The building, which will incorporate fitted lab and office suites designed for multi-tenant flexibility, will see BioMed’s footprint at the Campus in Cambridge grow to more than 130,000 square feet across three buildings.
“The Babraham Research Campus is a truly unique offering and it plays a key role in the life science ecosystem of Cambridge,” said Tim Schoen, BioMed Realty CEO. “The new joint development will build on our existing presence on the Campus and strengthen our relationship with the team at BRC, led by Derek Jones. Together, we are working to expand the ethos of the Campus by providing critically undersupplied research and development space for scale-ups, with the ultimate goal of helping to grow the Cambridge market, the life science industry and employment in the UK.”
The development will also be the most sustainable building on Campus to date, incorporating a number of technologies to reduce energy consumption and improve water usage, resulting in significant carbon emission reductions. The development will have a BREEAM ‘Excellent’ score and a notable net gain in biodiversity. Construction on site will begin imminently with completion in Q4 2023.
The Babraham Research Campus facilitates a world-class research and business ecosystem that bridges academia and the commercial sector, and it is also a hub for scale-up and start-ups.
Derek Jones, CEO, Babraham Research Campus Ltd, said: “In 2017, BioMed partnered with us and the Biotechnology and Biological Sciences Research Council, part of UK Research and Innovation, to develop the next generation of scale-up space at Babraham. Within the UK market today, there continues to be an immediate demand for life science and R&D space on Campus and within the wider Cambridge Cluster.»
“This new joint development with BioMed will further enhance the capability of companies to scale at Babraham within our highly connected, sustainable and dynamic ecosystem. It will also support a seamless transition to other larger campuses such as Granta Park, owned and managed by BioMed Realty, once companies have outgrown their space at the Babraham Research Campus, providing companies with the ability to remain and grow in Cambridge.”
BioMed is also announcing today its support to help advance the Babraham Research Campus Accelerate@Babraham programme. The bio-incubator, founded out of a desire to support early-stage ventures, brings together a network of experts, mentors and investors to equip early career science entrepreneurs with the skills, confidence, network connections, and access to communal laboratories to start up and build their business propositions.
BioMed entered the Cambridge, UK market in 2012 and owns and operates approximately one million square feet of laboratory and office space across Cambridge. Across the Company’s two major campuses in the city, BioMed supports over 30 life sciences companies, ranging from start-ups to established companies. The Company’s sizable portfolio, concentrated in leading innovation markets in the UK and United States, allows tenants to grow their business and transition quickly and easily between properties as their company expands, even into new markets. As of June 30, 2022, BioMed has more than 19 million square feet of space under occupation and development.
Cheffins advised BioMed.
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high-quality life science real estate comprising 15.5 million square feet concentrated in leading innovation markets throughout the United States and United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 4.2 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.
About the Babraham Research Campus
Babraham Research Campus Ltd is responsible for the management and commercial development of the Babraham Research Campus. The Babraham Research Campus is distinct in its co‐location of 60 bioscience companies with the Babraham Institute, a world‐renowned research organisation which receives strategic funding from the Biotechnology and Biological Sciences Research Council (BBSRC). The aim of the Campus is to support UK bioscience through academic research, but also with facilities and capabilities for early-stage and growing commercial organisations. The Campus provides companies laboratory and office space, networking and collaboration opportunities, together with access to outstanding scientific facilities in an ideal geographical location at the core of the Cambridge cluster.
For more information please visit: www.babraham.com
Contacts
MEDIA RELATIONS
For more information contact:
Blackstock Consulting in London.
Tom Roberts, director – +44 7722 440999 / [email protected]
Billy Moran, account director – +44 7540 659036 / [email protected]
The Babraham Research Campus
Sarah Brereton, Director, Limewash
Tel: +44 (0)7796 583 223
Email: [email protected]