BioMed Realty, a Blackstone portfolio company, has received approval for plans to deliver 600,000 sq ft of purpose-built laboratory space in Cambridge.
The new development is set to be on the 15-acre Cambridge International Technology Park site, adjacent to Peterhouse Technology Park, which it acquired in September 2021.
In response to the demand for space in Cambridge, BioMed has assembled a pipeline that will deliver up to one million square feet of additional Class A space for life science companies while helping the UK reach its potential of becoming a ‘scientific superpower.’
Tim Schoen, CEO of BioMed Realty said: “BioMed remains committed to investing in the UK by providing the mission-critical space that is needed to bring life-saving products and therapies to market and ensure the UK’s future success as a global leader in drug development.
“Having engaged and worked closely with local stakeholders to bring our latest development forward, we can now deliver a scheme that will help advance Cambridge as a global home for research while supporting the local economy.”
The technology park is expected to create 2,700 jobs and is set to be one of the most sustainable operations in the region, by incorporating a number of technologies to reduce energy consumption and improve water usage, resulting in significant carbon emission reductions. The scheme is also targeting a BREEAM Excellent score.
Construction could begin as early as the new year, with the first phase delivered in 2024.
Image source: BioMed Realty
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