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.