BioMed Realty Inks Lease Agreement with GlycoMimetics in MD - Analyst Blog

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BioMed Realty Trust, Inc. ( BMR ) inked a new deal with GlycoMimetics, Inc. ( GLYC ) for leasing a property at the Center for Life Science | Shady Grove in Rockville, MD. Following the announcement, shares of BioMed Realty rose during the regular trading session on Aug 27. However, it slipped on Aug 28 on broader market concerns.

GlycoMimetics, a clinical-stage biotechnology company, focuses on the innovation and development of medical drugs. The company finished its public offering in January this year and collaborated with Pfizer Inc. ( PFE ) for its sickle cell disease candidate that will begin phase III trials. Center for Life Science | Shady Grove will serve as its new headquarters and GlycoMimetics will occupy approximately 33,800 square feet of space.

Center for Life Science | Shady Grove is a four-building campus, comprising 214,700 square feet of laboratory and office space. The property is positioned at 9708 Medical Center Drive and situated along the I-270 Corridor in Montgomery County. This region earned its reputation for housing various famous universities such as the University of Maryland and Johns Hopkins University.

We are encouraged by this lease deal as it depicts solid demand for BioMed Realty's assets. Particularly, the strategic location of Center for Life Science | Shady Grove makes it a much sought after property in Maryland. The deal will help improve occupancy levels and boost rental revenue growth going forward.

BioMed Realty focuses on providing real estate solutions to the life science industry in the U.S. Its tenants primarily include scientific research institutions, biotechnology and pharmaceutical companies, government agencies and other entities involved in the life science industry. Currently, this real estate investment trust (REIT) has interests in properties comprising approximately 17.2 million square feet of rentable space.

BioMed Realty presently carries a Zacks Rank #3 (Hold). National Health Investors Inc. ( NHI ) is a better-ranked REIT, sporting a Zacks Rank #1 (Strong Buy).


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , Business , Stocks

Referenced Stocks: PFE , NHI , BMR , GLYC

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