BioMed Realty and Babraham Research Campus have formed a joint venture to invest £26m in the expansion of lab and office facilities.
The partners plan to develop a third building on the campus, totalling 40,000 sq ft, to accommodate life sciences companies.
The development is aiming to achieve BREEAM Excellent certification and become ready for occupation in the final quarter of 2023. Upon completion, Babraham Research Campus will provide 130,000 sq ft across its three buildings.
The move comes amid strong tenant demand in Cambridge, particularly from tenants growing out of the early stages of incubation with an ambition to scale.
Tim Schoen, chief executive at BioMed Realty, said: “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.”
Cheffins advised BioMed.
To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews
