BioMed Realty sells two office buildings for $1b
BioMed Realty, which is owned by affiliates of The Blackstone Group’s Blackstone Real Estate Partners VIII, has sold two pharmaceutical office properties in separate deals totaling more than $1 billion in sales price.
Regeneron Pharmaceuticals paid $720 million to acquire The Landmark at Eastview, its 150-acre corporate headquarters campus in Tarrytown, N.Y., from Biomed Realty.
Biomed Realty in 2007 paid $98.5 million for the property in New York’s Westchester County from an affiliate of LCOR, which paid $82 million for the campus in late 1999.
Regeneron, which has been a tenant since 1989, occupies 80 percent of the 1.2 million-square-foot campus. The remaining 20 percent is under leases to third-party tenants.
The facility can be further developed under existing development rights which, subject to obtaining further governmental approvals, would allow for the construction of more than 500,000 square feet of additional office an