BioMed Realty, a Blackstone portfolio company and a provider of real estate solutions to the life science and technology industries, has secured approval for plans to deliver 600,000ft2 of purpose-built laboratory space in Cambridge, UK.

It will deliver the new laboratory space on the 15-acre Cambridge International Technology Park site, which was acquired in September last year.

To cater to the growing tenant demand in Cambridge, BioMed has a pipeline to deliver up to one million ft2 of further Class A space for life science companies.

BioMed Realty CEO Tim Schoen 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.”

BioMed’s new project is expected to create 2,700 jobs.

This project will feature several technologies to reduce energy consumption and improve water usage, resulting in significant carbon emission reductions.

The development is targeting a BREEAM Excellent score.

The project’s construction could commence as early as in 2023, with the first phase to be delivered in 2024.

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Image: The project will deliver the new laboratory space on the 15-acre Cambridge International Technology Park site. Credit: Darko Stojanovic from Pixabay.