Press Releases

    Print Page  Close Window
BioMed Realty Trust Announces Lease Expansion With Children's Hospital Boston

SAN DIEGO, Nov. 17 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced the signing of an amendment to its lease at the Center for Life Science | Boston with Children's Hospital Boston. A pre-eminent pediatric research institution and teaching affiliate of the Harvard Medical School, Children's Hospital has agreed to lease an additional 49,286 square feet, bringing its total occupancy in the facility to 150,215 square feet.

Commenting on the project, Charles Weinstein, Children's Vice President for Real Estate, Planning and Development, said, "Securing additional research space at the Center for Life Science | Boston is a key step in the expansion plans for Children's Hospital. This world-class facility affords us the opportunity to advance our research efforts, which go to the heart of our mission to improve pediatric health care around the world."

Alan Gold, BioMed's President and Chief Executive Officer, commented, "We are extremely pleased to expand our relationship with Children's Hospital -- the world's leading pediatric health care research organization. With this additional lease, Children's Hospital becomes one of our ten largest tenants. We are very proud to have the industry's premier tenant roster, which includes organizations like Children's Hospital."

About Children's Hospital Boston

Children's Hospital Boston (Children's) is a 397-bed comprehensive center for pediatric health care. As one of the largest pediatric medical centers in the United States, Children's offers a complete range of health care services for children from birth through 21 years of age. Children's records approximately 22,600 inpatient admissions each year, and its 204 specialized clinical programs care for more than 527,500 patients annually. Additionally, the hospital performs 23,000 surgical procedures and 170,000 radiological examinations every year.

The hospital's clinical staff includes approximately 963 active medical and dental staff, as well as 897 residents and fellows, 1,570 nursing and clinical personnel, and 5,200 other full- and part-time employees. Children's also utilizes a diverse, trained team of more than 800 volunteers. Children's is the primary pediatric teaching hospital of Harvard Medical School, where most of its physicians hold faculty appointments.

Children's is also home to the world's largest research enterprise based at a pediatric medical center, where its discoveries have benefited both children and adults since 1869. More than 600 scientists, including seven members of the National Academy of Sciences, twelve on-staff members of the Institute of Medicine, and twelve members of the Howard Hughes Medical Institute comprise Children's research community. Its current initiatives have attracted a record $176 million in funding, including more federal funding than is awarded to any other pediatric facility in the United States.

About BioMed Realty Trust

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry(R). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.4 million rentable square feet, including approximately 1.4 million square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at http://www.biomedrealty.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: BioMed Realty Trust, Inc.

CONTACT:
Kent Griffin, Chief Financial Officer of BioMed Realty Trust, Inc., +1-858-485-9840

Web site: http://www.biomedrealty.com
(BMR)