Real estate investment trust BioMed Realty Trust Inc. said Tuesday that it is buying the life science portfolio of Lyme Timber Co., of Hanover, N.H., for about $511 million.

The deal includes roughly 600,000 square feet of life science space recently completed or under construction at Lyme’s Rogers Street project and land that can support around 266,000 square feet of life science laboratory and office space at Kendall Square in Cambridge, Mass.

BioMed plans to invest about $100 million to complete the Rogers Street project by later this year.

BioMed will also acquire a development parcel in Houston and Science Park at Yale, a redevelopment project adjacent to Yale University in New Haven, Conn.

The acquisition is expected to close in the second quarter, subject to customary due diligence and closing conditions.

BioMed Realty Trust closed at $29.60 Monday on the New York Stock Exchange.

Source: www.boston.com

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