Acquisition will expand total Boston/Cambridge, Massachusetts portfolio to approximately 3.2 million square feet
SAN DIEGO, Feb. 6, 2012 - PRNewswire via COMTEX - BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it has entered into a definitive agreement to acquire Cambridge Place, comprising three buildings and a total of approximately 287,000 square feet of space in Cambridge, Massachusetts. In aggregate, the property is approximately 80% leased, principally to CDM Smith, Inc., a full-service engineering and construction firm, and Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases.
Commenting on BioMed Realty’s latest investment in the Cambridge market, Alan D. Gold, Chairman and Chief Executive Officer, said, “We are very excited about the acquisition of Cambridge Place, which expands our portfolio and our ability to meet the need for life science space in Cambridge, the preeminent life science market in the world. Similar to our recent investments in Ardsley Park in New York and Research Boulevard in Maryland, the addition of Cambridge Place to our portfolio provides a compelling value creation opportunity through our superior lease execution and property operating expertise.”
The purchase price for the property is approximately $119.0 million, excluding closing costs. The acquisition is subject to the satisfaction of customary closing conditions, and BioMed Realty can offer no assurances that the acquisition will close on the terms described herein, or at all.
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 properties comprising approximately 12.4 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego, 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: the possibility that the company’s acquisition of Cambridge Place may not occur on the terms described herein, or at all; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully, including the proposed acquisition of Cambridge Place; the company's ability to meet projected yields on acquired properties, including Cambridge Place; 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; reductions in asset valuations and related impairment charges; 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; 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.
Senior Director, Corporate Communications