Berwyn real estate firm led by former BioMed exec forms $365M venture to buy up life sciences properties
McDevitt’s ambition is to build up a portfolio and company that would eventually be on the same scale as BioMed Realty.
Warren Avenue Investors, a Berwyn company established four years ago by a former BioMed Realty Trust Inc. executive, has formed a nearly $400 million joint venture with Ares Management Corp. to pursue buying life sciences real estate in emerging markets across the country.
The partnership completed a $165 million recapitalization of five properties it owns— three of which are in Malvern — and raised another $200 million to make acquisitions of lab and R&D properties in secondary markets such as Philadelphia, Houston, Maryland and elsewhere. Los Angeles-based Ares (NYSE: ARES) has $262 billion assets under management.