Wex­ford spins off as in­de­pen­dent firm

Baltimore Sun - - NATION & WORLD - — The Bal­ti­more Sun — Natalie Sher­man — As­so­ci­ated Press

The Bal­ti­more-based biopark de­vel­oper Wex­ford Sci­ence & Tech­nol­ogy be­came an in­de­pen­dent com­pany Thurs­day as a Chicago-based real es­tate in­vest­ment trust ac­quired its real es­tate as­sets from its for­mer par­ent. The spinoff came as Ven­tas Inc. ac­quired the real es­tate as­sets of BioMed Realty L.P., an af­fil­i­ate of Black­stone Real Es­tate Part­ners VIII L.P. The Black­stone Group, a New York-based in­vest­ment firm, ac­quired Biomed Realty in an $8 bil­lion deal ear­lier this year. Now owned by its man­age­ment team, Wex­ford will con­tinue to man­age the port­fo­lio of univer­sity-af­fil­i­ated med­i­cal and life sci­ence prop­er­ties ac­quired by Ven­tas for $1.5 bil­lion. Terms of the spinoff were not dis­closed. Wex­ford, which is de­vel­op­ing a $110 mil­lion build­ing in the Univer­sity of Mary­land Bal­ti­more BioPark, will jointly develop fu­ture prop­er­ties with Ven­tas. the city Thurs­day that call for an apart­ment build­ing con­structed in a con­tem­po­rary­look­ing com­bi­na­tion of brick, navy blue sid­ing and cor­ru­gated metal. The 286-unit project planned at 2001 Cold Spring Lane, near In­ter­state 83, would rise six sto­ries and in­clude a 462-space park­ing garage and about 8,100 square feet of re­tail. The city’s Ur­ban De­sign and Ar­chi­tec­ture Re­view Panel granted pre­lim­i­nary ap­proval for the project. Rep­re­sen­ta­tives for de­vel­op­ers Klein En­ter­prises and Manekin LLC said they hope to start con­struc­tion next sum­mer, with a roughly 20-month con­struc­tion time­line. resti­tu­tion to af­fected cus­tomers. It is the largest fine the CFPB has levied against a fi­nan­cial in­sti­tu­tion. The CFPB said Wells Fargo sales staff opened more than 2 mil­lion bank and credit card ac­counts that might not have been au­tho­rized by cus­tomers.

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