Wexford spins off as independent firm

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.