Berwyn-based Warren Avenue Investors, a real estate firm formed by a former BioMed Realty executive, has established a $365 million venture with Ares Management. The collaboration will pursue buying life sciences real estate in emerging markets nationwide. Natalie Kostelni reported the story for the Philadelphia Business Journal.
The partnership has already recapitalized five of its properties at $165 million. It also raised an additional $200 million to buy lab and R&D properties in secondary markets, including Philadelphia, Houston, and Maryland.
“There’s not a lot of pure players in this space, and there’s so much capital chasing it,” said Matthew McDevitt, President at Warren Avenue Investors.
After BioMed sold in 2016 to Blackstone Group, McDevitt decided to start Warren Avenue, which he named after the street where his alma mater, Malvern Prep, is located. The firm then focused on buying life sciences buildings in “core shoulder markets.”
In the Philadelphia region, the company focuses primarily on the suburbs.
Read more about Warren Avenue Investors in the Philadelphia Business Journal.