SAN DIEGO, July 24, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced that Bristol-Myers Squibb (NYSE: BMY) has signed a ten-year lease for approximately 61,000 square feet of additional laboratory and office space at the company's Woodside Technology Park life science campus in Redwood City, California. The Redwood City campus will serve as Bristol-Myers Squibb's hub for discovering pioneering cancer therapies in the emerging field of immunotherapy.
With this lease, Bristol-Myers Squibb will fully occupy two of the three buildings at the campus totaling 194,100 square feet as the company continues to further strengthen its presence in the Bay Area, and will provide additional capacity to conduct biologics drug discovery research at Woodside Technology Park. Currently, Bristol-Myers Squibb is leasing the entire 700 Bay Road building on the campus comprising approximately 133,100 square feet. In addition to expanding Bristol-Myers' footprint at Woodside Technology Park, the companies agreed to extend the term of the lease on the 700 Bay Road building, previously expiring in December 2022, by an additional 30 months.
Alan D. Gold, BioMed Realty's Chairman and Chief Executive Officer, commented, "We are proud to be expanding and extending our valued relationship with Bristol-Myers Squibb, truly a giant in the life science industry. By listening to what the company needed, our Bay Area team was able to deliver a creative solution to meet Bristol-Myers Squibb's growing real estate needs that will enable them to focus on their research and development of new products and therapies to meet the needs of those suffering from serious diseases."
The Woodside Technology Park has three laboratory and office buildings which encompass approximately 256,000 square feet in the heart of the Bay Area's Peninsula life science and high-tech communities.
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 17.2 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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, developments and other investments, 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 tax credits, grants and other subsidies to fund development activities; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; ownership of properties outside of the United States that subject the company to different and potentially greater risks than those associated with the company's domestic operations; risks associated with the company's investments in loans, including borrower defaults and potential principal losses; 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.
Rick Howe, Senior Director, Corporate Communications, 858.207.5859, firstname.lastname@example.org