SAN DIEGO (September 20, 2010) – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that Biomed Realty Trust, Inc. has purchased the building located at 4570 Executive Drive in the UTC submarket for $63.5 million.
The 125,219-square-foot biomedical office building is the first of several life science properties purchased by Biomed Realty Trust, Inc. (NYSE: BMR) to expand their San Diego portfolio. The four-story building, clad in marble, is 100 percent leased to Bristol Myers Squibb, Amylin Pharmaceuticals and UCSD.
“The investment market for these premier projects in the life science arena is very robust right now because the Real Estate Investment Trusts (REITs) that own these types of properties are continually attempting to gain market share and increase their portfolio of quality tenants,” said Dave Odmark of Cassidy Turley BRE Commercial. Odmark represented both the buyer and seller in the transaction.
The seller was San Diego based LMC Executive Investment Company, LLC.
About Cassidy Turley BRE Commercial
Committed to remaining private and focused on the needs of clients, BRE Commercial has partnered with a group of market-leading private firms across the nation as founding fathers of a new company, Cassidy Turley. Cassidy Turley is one of the nation’s leading full-service commercial real estate firms, with $13 billion in annual transactions, 420 million square feet of managed space, 2,800 professionals in 60 offices, and more than 25,000 Corporate Services locations.
Cassidy Turley BRE Commercial offers end-to-end services in all phases of commercial real estate transactions including leasing, investment sales, market research analysis, tenant advisory services, debt and equity placement, financial analysis and property management. The company serves all commercial property types including industrial, investment, office, life sciences, medical, retail, multi-family, restaurant/fast food, self-storage, senior housing and undeveloped land throughout San Diego County and Southern California. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.