SAN DIEGO, June 7, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has signed a definitive purchase and sale
agreement with Sun Microsystems, Inc. (Nasdaq: SUNW) to acquire the SUNW
campus located in Newark, California. The campus includes ten buildings
comprising a total of approximately 1.4 million square feet of primarily
office space, as well as undeveloped land. The total purchase price is
approximately $215 million, excluding estimated closing costs.
Sun Microsystems, Inc. would lease the campus pursuant to 10 leases which
conclude in phases over an 18-month period and are cancelable at the tenant's
option with 90 days' notice. BioMed intends to re-market and re-develop the
space for use by life science tenants. "This acquisition is a tremendous
opportunity for our company and our stockholders. With limited availability of
large contiguous spaces for lease to life science tenants in the San Francisco
Bay area, this asset is well-positioned to capitalize on improving office and
laboratory market fundamentals and generate attractive returns. This
transaction represents a unique opportunity for BioMed to add to the company's
life science portfolio in San Francisco -- the largest life science market in
the country," said Alan D. Gold, President and Chief Executive Officer of
BioMed Realty Trust.
The acquisition is anticipated to close in the third quarter of 2006, and
is subject to customary closing conditions.
BioMed has scheduled a conference call and web cast to discuss the
transaction at 6 a.m. Pacific Time (9:00 a.m. Eastern Time) on Thursday, June
8, 2006. The call will be open to all interested investors either through a
live audio web cast at the Investor Relations section of the company's web
site at http://www.biomedrealty.com and http://www.earnings.com, or live by
calling 800-366-7417 (domestic) or 303-262-2131 (international). The call will
be archived for 7 days on both web sites. A telephone playback of the
conference call will also be available from 9:00 a.m. Pacific Time on
Thursday, June 8, 2006 through midnight Pacific Time on Thursday, June 15,
2006 by calling 800-405-2236 (domestic) or 303-590-3000 (international) and
using access code: 11063355.
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(TM). The company's
tenants primarily include biotechnology and pharmaceutical companies,
scientific research institutions, government agencies and other entities
involved in the life science industry, and its properties and primary
acquisition targets are generally 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.
BioMed's real estate portfolio consists of 46 properties, representing 70
buildings with approximately 5.8 million rentable square feet in each of the
major life science markets in the United States. Additional information is
available at http://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: risks that the Sun
acquisition will not be completed on the terms described in this release, or
at all; 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 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 (including the Sun acquisition); 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.
Kent Griffin, Chief Financial Officer, BioMed Realty Trust, Inc., +1-858-485-9840, of
BioMed Realty Trust, Inc.