Blackstone’s BioMed Realty has formed a joint venture with Babraham Research Campus in Cambridge, to deliver a 40,000 sq ft purpose-built building with new fitted laboratory space at the campus.
BioMed says there is virtually no ‘functional lab and office space’ of this type available in the UK at the moment due to heightened tenant demand, which is ‘potentially locking out promising start-ups and scale-ups’.
Delivery of the new building will see BioMed’s footprint at the campus grow to more than 130,000 sq ft across three buildings.
Tim Schoen, BioMed Realty CEO, said: “The Babraham Research Campus is a truly unique offering and it plays a key role in the life science ecosystem of Cambridge. 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.”
Derek Jones, CEO of Babraham Research Campus, 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.”
Construction of the new building, which is targeting a BREEAM Excellent rating, will commence shortly with completion in Q4 2023.
Cheffins advised BioMed.
