CAMBRIDGE, Mass., March 18, 2015 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new ten-year lease for approximately 33,500 square feet at 50 Hampshire with Reed Elsevier, a world-leading provider of information solutions serving scientific, technical and medical businesses . The lease marks the first at the Cambridge property being vacated by a current tenant at the end of March 2015.
Later this year, Reed Elsevier will be taking the entire fifth floor of the over 180,000 square foot building in East Cambridge to relocate its current offices. The building will offer their employees on-site café and restaurants, new fitness center, open spaces for collaboration and meetings, and a new lobby to welcome the innovation community that the property serves. Beyond the amenities, 50 Hampshire offers employees flexible transportation options, with easy access to the T Red Line, on-site bike storage and parking within the building.
"BioMed Realty is excited to bring such an admired, global company like Reed Elsevier to our 'new' 50 Hampshire building, as we create a positive environment of collaboration and innovation for their employees," said Bill Kane, Senior Vice President for BioMed Realty in Boston/Cambridge. "By taking this space back early, we are positioned to meet strong life science market demand at higher rents. This lease is a great example of our team's ability to quickly execute on that strategic plan."
The 50 Hampshire property was primarily occupied by a tenant, which had a lease for 180,000 square feet until the end of 2019. In August 2014, BioMed Realty and that tenant agreed to terminate the remainder of the lease effective March 31, 2015, and that tenant paid an $8.5 million termination fee.
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 18.0 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: adverse economic or real estate developments in the life science industry or the company's target markets, including Cambridge, Massachusetts; and 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). 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.
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SOURCE BioMed Realty Trust, Inc.
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