World-Class 704,000 Square Foot Research Facility is Now 96% Leased
SAN DIEGO, March 17, 2011 /PRNewswire via COMTEX/ --
BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new ten-year lease at the Center for Life Science | Boston with Harvard University, providing new expansion space for the Hansjorg Wyss Institute for Biologically Inspired Engineering at Harvard University. The Wyss Institute will occupy the second floor, comprising approximately 31,500 square feet of laboratory and office space, in addition to its current site that fills the fifth floor of the building. The Center for Life Science | Boston is now 96% leased as a result of this transaction.
Alan D. Gold, BioMed's Chairman and Chief Executive Officer, remarked, "We are very pleased that Harvard has chosen to expand its operations within the Center for Life Science | Boston, truly the crown jewel of life science real estate. BioMed is proud to provide the mission critical research facilities for the cornerstone of Harvard's bioengineering efforts at the Wyss Institute. Harvard and the Wyss Institute join Beth Israel Deaconess Medical Center, Children's Hospital Boston, the Dana-Farber Cancer Institute, the Immune Disease Institute and Kowa Company at the only world-class 704,000 square foot research facility located in the heart of the preeminent Longwood Medical area of Boston, Massachusetts."
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 85 properties, representing 147 buildings with approximately 12.2 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 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, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; 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.