BioMed Forms Venture With PREI

BioMed Realty Trust Inc., a real estate investment trust based in San Diego, has announced the formation of a joint venture with Prudential Real Estate Investors to acquire a portfolio of assets from Lyme Timber Co.The joint venture completed the acquisition concurrently with its formation, at a purchase price of $507 million. The portfolio consists of approximately 600,000 square feet of life science space as well as land that can support approximately 266,000 square feet of additional life science and laboratory office space in Cambridge, Mass. BioMed said the joint venture also obtained a $550 million secured acquisition and interim loan facility from KeyBank NA. BioMed can be found online at http://www.biomedrealty.com, and PREI can be found at http://www.prei.com.