SAN DIEGO, Dec. 8 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has entered into a joint venture with
MedTech South Lake Union I LLC, an affiliate of EDG Commercial Real Estate, to
develop a five-story, 93,000 square-foot laboratory facility to be named the
Fairview Research Center. The facility will be located at 530 Fairview
Avenue, on the southeast corner of Fairview Avenue North and Mercer Street, in
the South Lake Union area of Seattle, Washington.
The project is located in the heart of Seattle's South Lake Union
neighborhood, which is home to several of the region's most esteemed research
institutions. The University of Washington School of Medicine, the Fred
Hutchinson Cancer Research Center, Seattle Biomedical Research Institute,
Children's Hospital and Merck Pharmaceuticals are all clustered within a few
blocks of the site.
The building has been designed to meet the specific criteria of life
science organizations while adhering to the principles of sustainable design,
allowing for a Silver Leadership in Energy and Environmental Design (LEED)
certification. The current project development schedule will allow for tenant
improvements to begin in the third quarter of 2006 and occupancy in the second
quarter of 2007.
"This is a great opportunity to develop an institutional quality
laboratory facility in one of the preeminent life science submarkets in
Seattle. Tom Erlandson and EDG have significant experience leasing and
developing laboratory facilities in the Puget Sound region, including the
Monte Villa Parkway property that we acquired in August 2004, and we are
excited to be partnering with him on this project. The ongoing development
and revitalization of this segment of the already thriving Seattle market will
enhance the demand for space, and is indicative of the unique real estate
solutions we aim to provide for our tenants," said Alan D. Gold, president and
chief executive officer of BioMed Realty Trust.
"This joint venture with BioMed provides excellent synergies. BioMed's
commitment to growth and our experience in the Seattle market, combined with
our shared mission of providing real estate to the life science industry,
create a terrific foundation for the success of the project. We are thrilled
to be adding a new laboratory facility to this neighborhood that is bustling
with world class research," said Tom Erlandson, president of EDG.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on acquiring, developing, owning, leasing and managing laboratory and office
space for the life science industry. The company's tenants include
biotechnology and pharmaceutical companies, scientific research institutions,
government agencies and other entities involved in the life science industry,
and its current properties and primary acquisition targets are located in
markets with well established reputations as centers for scientific research,
including Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania
and New York/New Jersey. Additional information is available at
www.biomedrealty.com.
About EDG Commercial Real Estate
EDG Commercial Real Estate is a Seattle-based real estate firm, created to
provide development, leasing and consulting expertise to the life science and
health care industry in the Puget Sound market. Its principals collectively
have over 65 years of experience in the real estate business, have been
involved in over 150 life science transactions with net consideration of over
$500 million, developed 300,000 square feet of life science and health care
space, and have overseen approximately $400 million of commercial
construction.
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 Boston or California regions; risks associated with the availability and
terms of financing and the use of debt to fund acquisitions and developments;
failure to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions successfully; 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. 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.
12/08/2005
CONTACT: John F. Wilson, II, Chief Financial Officer of BioMed Realty
Trust, Inc., +1-858-485-9840
Web site: http://www.biomedrealty.com
(BMR)
12/08/2005 05:00 EST http://www.prnewswire.com
