Image courtesy of SMMA

Life science developer BioMed Realty’s local acquisition spree is spreading to Boston’s South End with the pending acquisition of a speculative office development at 321 Harrison Ave.

BioMed has agreed to buy the 235,000-square-foot office building now under construction along with the neighboring 242,000-square-foot 1000 Washington St. office building, according to three  industry sources.

The deal would be BioMed’s second major bet this year on Boston’s biotech industry growth, following its recent acquisition of the former John Hancock headquarters at 601 Congress St. in the Seaport District. San Diego-based BioMed currently owns 36 properties totaling 5.9 million square feet in Boston and Cambridge, including December’s $3.45 billion acquisition of a 2.3 million-square-foot portfolio in East Cambridge from Brookfield Asset Management.

BioMed declined to comment. A source said that BioMed will replace the ownership position of Los Angeles-based CIM Group, which partnered with Burlington-based developer Nordblom Co. on the South End development.

Construction began in 2019 on the office building, designed by Cambridge-based architects SMMA and built atop an existing four-story parking garage. The building includes 29,000-square-foot floor plates, floor-to-ceiling windows and a roof deck.

Office developers are pivoting to lab-ready designs at a series of projects including Oxford Property Group’s proposed 125 Lincoln St. in Boston’s Leather District, Related Beal’s under-construction One Kenmore Square and The Davis Cos.’ 88 Black Falcon in South Boston.

“The life science market is on fire right now, and every day it seems as if there’s a new project or a new conversion,” said Elizabeth Berthelette, director of research for Newmark Knight Frank in Boston. “The line between office and lab space is very blurred right now.”