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.”

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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.