Recently Redeveloped Property in the Cambridgeport Submarket is Now 100% Leased
SAN DIEGO, July 28, 2011 /PRNewswire via COMTEX/ --
BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new lease with BIND Biosciences, Inc. at its Vassar Street property located in Cambridge, Massachusetts. BIND Biosciences, a biopharmaceutical company developing therapeutic targeted nanoparticles to produce best-in-class drugs, will occupy approximately 32,800 square feet of laboratory and office space.
The Vassar Street property, a two-story laboratory and office facility comprising approximately 61,000 rentable square feet, is located within close proximity to the Massachusetts Institute of Technology campus and numerous foundations and research institutes, as well as the company's properties on Sidney Street and Erie Street, currently leased to Vertex Pharmaceuticals, Inc. The building began a full redevelopment starting in July 2010 to incorporate BioMed's Universal Flex Lab(TM) system that enhances tenant fit-out flexibility by allowing laboratory space, offices and meeting rooms to be installed and reconfigured quickly, thereby maximizing productivity and space utilization. BIND Biosciences will join Epizyme, Inc. and Sun Catalytix Corporation at the Vassar Street facility, which is now 100% leased.
"We are very pleased to become part of the dynamic Cambridge life science community and join BioMed Realty's local biotechnology tenants that include such world-leading companies as Sanofi, Pfizer and Metabolix," said Scott Minick, President and Chief Executive Officer of BIND. "With the combination of the newly redeveloped Vassar Street facility and our partnership with BioMed, with their intimate understanding of the needs of life science companies, we found the ideal opportunity to fully leverage our Medicinal Nanoengineering® platform to develop and commercialize our best-in-class targeted therapeutics."
Alan D. Gold, Chairman and Chief Executive Officer of BioMed, remarked, "We welcome BIND Biosciences to Vassar Street and the vibrant Cambridgeport life science submarket. The company's co-founders and leaders, Dr. Robert Langer of MIT, Dr. Omid Farokhzad of Harvard, and Scott Minick, CEO, have quickly positioned BIND as a leader in the emerging field of nanomedicine. The newly redeveloped and redesigned Vassar Street facility will be the ideal home for BIND to pursue its pioneering research in nanomedicine and deploy their proprietary Medicinal Nanoengineerin® platform to accelerate targeted drug development."
About BIND Biosciences
BIND Biosciences, Inc. is a biopharmaceutical company leveraging its proprietary Medicinal Nanoengineering® platform to produce best in class drugs. BIND's platform enables the design, engineering and manufacturing of targeted nanoparticle therapeutics with unprecedented control over drug PK, biodistribution and cell- or tissue-specific targeting. Medicinal Nanoengineering complements medicinal chemistry to enable predictable, cost effective, and rapid development of breakthrough products with superior efficacy and safety profiles. Product opportunities include enabling or expediting the development of pipeline molecules as well as improving performance, expanding indications, or life cycle extension for mid- and late-stage products. BIND's initial product development efforts are in the areas of oncology, inflammatory diseases and cardiovascular disorders. BIND's lead program, BIND-014, targets a surface protein upregulated in a broad range of solid tumors. BIND-014 is currently undergoing Phase I clinical testing in cancer patients.
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®. 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 90 properties, representing 152 buildings with approximately 12.6 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, 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.