BioPark developer acquired in $1.5 billion deal

A Baltimore firm that’s made its name developing university-connected life sciences and medical facilities was acquired by the Chicago real estate investment trust Ventas, Inc.
The deal for Wexford Science + Technology is valued at $1.5 billion, according to a statement from Ventas. It is expected to close in fourth quarter of 2016.
The deal is the latest in a string of acquisitions surrounding the company, which has a total of 25 properties. Wexford was acquired by BioMed Realty in 2013 for $640 million. Earlier this year, that company was acquired by Blackstone Real Estate Partners for $8 billion.
Wexford’s management team will remain in place, but the deal gives Ventas ownership of the company’s portfolio and exclusive rights to “jointly develop” future projects. Basically, Ventas wants in on university research parks, which are “benefitting from the increasing longevity of the aging U.S. population and biopharma drug development growth opportunities,” the statement says.
Wexford’s offices are located in the University of Maryland BioPark, where it has developed two buildings and a parking garage. The developer is also helming a planned expansion on West Baltimore Street to a third building that would house a local branch of Cambridge Innovation Center. A tax deal on that project valued at $17.5 million got an initial go-ahead from Baltimore City Council.
The company is also active in Philadelphia’s University City, where it is currently helming the $1 billion uCity Square project.
Wexford is also behind the Wake Forest Innovation Quarter in North Carolina, and the Cortex Innovation Community in St. Louis, among others. The deal includes a total of 23 properties. Ventas will also assume $33 million in liabilities.