SAN DIEGO, Jan. 5 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has closed on the acquisition of two
properties, a fully-leased, specialty healthcare property located in South San
Francisco and the sale-leaseback of a research laboratory located in the
University of Utah Research Park.
The 152,145 square-foot facility in South San Francisco was purchased for
approximately $25.9 million in cash. The property, located at 475 Eccles
Avenue, is fully leased to The Cooper Companies, Inc., a public company
focused on the manufacture and marketing of specialty healthcare products.
Upon completion of the tenant's lease term in December 2007, BioMed intends to
redevelop the property into a Class "A" 260,000 square-foot laboratory and
office building for the life science industry.
The 93,650 square-foot property, located at 383 Colorow Drive in Salt Lake
City, was acquired for approximately $19.0 million in cash. NPS
Pharmaceuticals, Inc., which will leaseback the fully-occupied property
pursuant to a 15-year, triple-net lease, is a public company engaged in the
discovery, development and commercialization of small molecule drugs and
recombinant proteins to treat bone and mineral disorders, osteoporosis,
gastrointestinal disorders and central nervous system disorders.
"Our South San Francisco acquisition brings our number of properties in
the area to seven, and marks our entry into this important submarket, which is
considered to be the primary life science location for the Greater Bay Area.
The property's close proximity to the corporate headquarters of Genentech, as
well as a number of other biotechnology and pharmaceutical companies such as
Amgen, Elan and Cell Genesys, provides an excellent growth opportunity for
"We see the sale-leaseback with NPS Pharmaceuticals as an attractive
opportunity, signifying our expansion into University research park-related
real estate. The University of Utah is ranked among the top 30 public
research universities in the nation, with particular distinction in medicine,
genetics and engineering. In addition, NPS is a strong public company that
fits well with our existing tenant profile," said Alan D. Gold, president and
chief executive officer of BioMed Realty Trust.
The acquisitions of these properties increase BioMed's real estate
portfolio to 39 properties, representing 62 buildings with approximately
4.7 million rentable square feet in all of the major life science markets in
the United States.
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
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.
CONTACT: John F. Wilson, II, Chief Financial Officer of BioMed Realty
Trust, Inc., +1-858-485-9840
Web site: http://www.biomedrealty.com
01/05/2006 05:00 EST http://www.prnewswire.com