SAN DIEGO, Oct. 23 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has signed a definitive purchase and sale
agreement with CLSB I, LLC and CLSB II, LLC, affiliates of Lyme Properties, to
acquire the Center for Life Science Boston, located at 3 Blackfan Circle in
the heart of Boston's Longwood Medical Area. The 702,940 square foot life
science research building is currently under construction and scheduled for
delivery in 2008.
The project is 80% pre-leased, on a long-term, triple net basis, to four
world-renown life science institutions -- Beth Israel Deaconess Medical
Center, Children's Hospital Boston, Dana-Farber Cancer Institute and the CBR
Institute for Biomedical Research. The remaining space available for lease
includes approximately 98,000 square feet located on the top four floors -- 15
through 18. The building also will contain space on the first floor for
retail shops and 300 below-grade parking spaces.
The property is located in the heart of Boston's Longwood Medical Area,
surrounded by many of the nation's leading life science research institutions,
including Beth Israel Deaconess Medical Center, Children's Hospital's Karp
Family Research Laboratories, The New Research Building at Harvard Medical
School and Merck Research Laboratories Boston. Also nearby are the Brigham &
Women's Hospital, Dana-Farber Cancer Institute, Joslin Diabetes Center and
Children's Hospital Boston, attracting the world's top researchers and
clinicians. Additional information regarding the project is available at
"Through creative rezoning and dedicated master planning, Lyme Properties
was able to achieve what is today considered one of Boston's premier
developments and one of the most desirable life science developments in the
country. Having previously worked on life science development projects with
the general contractor, William A. Berry & Son, Inc., and architect,
Tsoi/Kobus & Associates, Inc., we are especially excited about the high-
caliber team that's been put together for this project. And we're again very
pleased to work with David Clem and the Lyme team, as we did on the
acquisition of our Cambridge portfolio in 2005," said Alan D. Gold, President
and Chief Executive Officer of BioMed Realty Trust.
Including the initial purchase price of $507 million, and future
construction costs to complete the project, the company expects to invest in
excess of $700 million in the Center for Life Science Boston. BioMed intends
to finance the acquisition through a combination of borrowings under its $500
million revolving credit facility, debt secured by the project and/or other
debt financing. The acquisition is expected to close in the fourth quarter of
2006 and is subject to customary closing conditions. The company intends to
discuss the transaction in more detail on its third quarter earnings call.
The Center for Life Science Boston project is a state-of-the-art, 18-story
building fully permitted for life science, laboratory, office and clinical use
and will be the tallest building within the Longwood Medical Area. Designed
as a "green building," it is anticipated that the Center for Life Science
Boston will earn a Leadership in Energy and Environmental Design (LEED) rating
for sustainable buildings.
"A year and a half ago, Lyme sold a portion of its portfolio to BioMed.
BioMed is an exciting company and responsible owner, and will give Center for
Life Science Boston the kind of stewardship it deserves," said David Clem,
Managing Director of Lyme Properties. "Moreover, this transaction more than
anything demonstrates that, first, the Longwood Medical Area is one of the
most important institutional research locations in this country and, second,
the validation of life science as its own real estate asset class."
About Lyme Properties
Lyme Properties was founded in 1993 by David Clem, who built the first
life science laboratories in Kendall Square, Cambridge in the mid-1980s.
Today Lyme is one of the country's most experienced and largest life science
developers specializing in the acquisition, development, and leasing of first-
qualify life science and mixed-use properties located in prime educational,
research, and medical centers. In recent years, Lyme has built lab space for
companies such as Genzyme, Millennium, Vertex, Schering-Plough, Microbia,
Metabolix, and Monsanto. Lyme has built and leased over two million square
feet of life science research space and has an additional one million square
feet under development. Additional information is available at
Lyme's largest joint venture partner, Scottish Widows Investment
Partnership, is a UK-based financial services company offering life insurance,
banking and investment opportunities to its customers. Scottish Widows
partnered with Lyme on both the Center for Life Science Boston and Kendall
Square, Cambridge projects. Cushman and Wakefield Boston represented Lyme
Properties in the transaction.
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 52 properties, representing 89
buildings with approximately 7.7 million rentable square feet in each of the
major life science markets in the United States. Additional information is
available at 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 Center for
Life Science Boston acquisition will not be completed on the terms described
in this release, or at all; 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; 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 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 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.
CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,
Web site: http://www.biomedrealty.com