BioMed Realty has received planning permission to build 600,000 sq ft of purpose-built laboratory space in Cambridge.
The Blackstone portfolio company will deliver the new development on the 15-acre Cambridge International Technology Park site, which it acquired in September 2021.
The development is targeting BREEAM Excellent and a notable net gain in biodiversity and it is anticipated construction could begin as early as the new year, with the first phase delivered in 2024.
Tim Schoen, BioMed Realty CEO, said: “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.
“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.”
