BioMed Sells Radnor Property to Penn Health for $35M

BioMed Realty Trust has given up on its quest to build a new office park with the sale of an 18.2 acre parcel of land located on King of Prussia Road to the University of Pennsylvania Health System for $35 million, according to Philly.com.

The plan to construct 400,000 square-feet of new office space called Radnor Park could not receive final approvals from the Radnor Board of Commissioners amid concerns from residents and area businesses about the traffic and parking implications, according to the Philadelphia Business Journal. Planners spent 10 years developing and revising the designs, but the greenlight would not come, Philly.com reports.

The site of the former Wyeth Laboratories was purchased by BioMed in 2004 for $87.9 million, according to Philadelphia Business Journal. A company leasing the existing office buildings left the site, decreasing the value of the property to $2 million an acre. BioMed reports that it lost $32 million in the sale, which will be reflected in the second quarter.