$308 million biotech investment unveiled

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Photo by Brianna Loo.

In the most recent boost to the Elm City’s burgeoning biotech industry, BioMed Realty has agreed to invest $308 million in two prominent sites for life science research-based businesses.

The two buildings — 300 George St. and 100 College St. — were both built to grow the life science research community adjacent to the Yale School of Medicine in New Haven. The property at 300 George St. houses a nine-story complex boasting 519,000 square feet of laboratory and office space, which includes significant long term leases to Yale and the Yale-New Haven Hospital. The second property at 100 College St., which will feature 508,000 square feet of lab and office space, will serve as the new international headquarters for the multi-billion dollar pharmaceutical company Alexion when it returns to New Haven in June 2015.

Winstanley Enterprises LLC, a real estate development company that has worked in New Haven for 15 years, became partners with BioMed, a publicly traded company based in San Diego to fund the project. BioMed owns properties in Boston, San Francisco, San Diego, North Carolina and the United Kingdom. The company revealed in a press release that, through a continuing partnership with Winstanley, they will continue to provide construction and property management services for the project.

“This opportunity allows BioMed Realty and Wexford [a subsidiary of BioMed specializing in facilities for university-related research parks] to work with and build upon the established relationships with world-renowned tenants like Yale University, Yale-New Haven Hospital and Alexion.” President of BioMed Realty Kent Griffin said in a statement. “We look forward to utilizing our expertise in the well-established life science community in New Haven.”

Carter Winstanley, a principal of the firm, said the company plans to continue to provide day-to-day services at both buildings during the construction period. He said that the firm will also still interface with alders as hiring contracts regarding hiring continue to be negotiated and sorted.

BioMed administrators said the company became interested in investing in the Elm City based on the Yale School of Medicine’s close proximity, and the school’s and Yale-New Haven Hospital’s long-term involvement at 300 George St.

Mahir Rahman ’16, who works in a lab at 300 George St. as a research assistant, said he thinks this investment is critical to start attracting more people interested in biotech to New Haven.

“I think a lot of students here are interested in pursuing a career in biotech or research-related businesses, but right now there are some other areas that are more attractive [than New Haven],” Rahman said. “This is a step in the right direction.”

BioMed has invested significant dollars in Kendall Square in Boston, where they own 3.3 million square feet of life science offices and lab space.

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