SAN DIEGO, Feb 16, 2010 /PRNewswire via COMTEX/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced the signing of an amendment to its lease with Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) at its 301 Binney Street laboratory research facility in Cambridge, Massachusetts. Ironwood has agreed to lease an additional 50,000 square feet of laboratory and office space contiguous to its existing premises located in the heart of the Kendall Square life science research super-cluster. As a result of this lease expansion, Ironwood's occupancy in the five-story, state-of-the-art facility will increase to approximately 164,000 square feet.
According to Alan D. Gold, BioMed's Chairman and Chief Executive Officer, "After almost three years as one of BioMed's premier privately held life science tenants, Ironwood recently completed its initial public offering, continuing on its path of strong capital raising success driven by its world-class research and development team and promising drug candidates. We congratulate the Ironwood team on this accomplishment and are pleased to expand our relationship with them as they continue to discover, develop, manufacture and commercialize their drug pipeline to address important human needs. We look forward to supporting their cutting-edge technologies and entrepreneurship by continuing to provide them the best-in-class research center at 301 Binney."
The 301 Binney Street property is owned through BioMed's joint venture with institutional investors advised by Prudential Real Estate Investors.
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 owns or has interests in 69 properties, representing 112 buildings with approximately 10.5 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/
About Prudential Real Estate Investors
PREI(R), one of the leaders in the global real estate investment management business, offers a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., PREI has offices in Atlanta, Chicago, San Francisco, Miami, New York, London, Lisbon, Madrid, Milan, Munich, Paris, Luxembourg, Istanbul, Singapore, Mexico City, Rio de Janeiro, Hong Kong and Tokyo. As of September 30, 2009, the company managed $43.3 billion in gross real estate assets ($23.7 billion net) on behalf of over 460 clients worldwide and is ranked among the largest real estate investment managers. For more information, please visit http://www.prei.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, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; 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.