- Regeneron Pharmaceuticals Leasing 194,000 Square Feet for New Corporate
Headquarters and Research Facility -
SAN DIEGO, April 12 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has embarked on a major expansion at The
Landmark at Eastview, the largest privately owned multi-tenant technology park
in New York State. The company has broken ground on a world-class laboratory
and office complex that will be a new corporate headquarters and research
development facility for Regeneron Pharmaceuticals, Inc. Regeneron will lease
a majority of the new 360,000 square foot, $145 million facility, with the
remaining state-of-the-art laboratory and office space available for future
Senior management of BioMed Realty Trust, owner of The Landmark at
Eastview, today joined with Regeneron executives and state, county and local
political leaders for a groundbreaking ceremony at the 275 acre campus. The
new complex is the first speculative lab-ready space to be built in the Hudson
Valley in a number of years, and solidifies The Landmark at Eastview as the
region's premier life sciences campus.
"We are pleased to begin construction of this exciting and important
expansion at The Landmark at Eastview, positioning BioMed Realty Trust as the
leading provider of real estate to the life science industry in the New York
area. We see tremendous potential for this property in attracting new
biomedical companies to the region, while accommodating organic growth of our
existing tenants such as Regeneron," said Alan D. Gold, President and Chief
Executive Officer of BioMed Realty Trust.
The groundbreaking event represents a major corporate commitment to
Westchester County and New York State by Regeneron, a biopharmaceutical
company that is developing drug candidates for the treatment of cancer, eye
and other diseases. Regeneron employs more than 450 people.
"We are very excited at the prospect of moving into a new customized,
state-of-the-art facility that will allow us to consolidate our business
operations and increase efficiencies," stated Leonard S. Schleifer, M.D.,
Ph.D., President and Chief Executive Officer of Regeneron. He added, "We
remain committed to Westchester County and New York State and thank them for
their commitment to expanding the biotechnology industry in the region."
BioMed Realty Trust is constructing three interconnected buildings
totaling approximately 360,000 square feet of laboratory and office space.
The three buildings are being built on a 66 acre site adjacent to the existing
777 and 765 Old Saw Mill River Road buildings. One of the new buildings --
735 Old Saw Mill River Road -- will be physically connected to the
Regeneron has signed a long-term lease for approximately 194,000 square
feet of space in two of the three new buildings. Regeneron employees
currently working at multiple locations at the Landmark campus will be
consolidated into the two new buildings. Following Regeneron's relocation to
the new buildings, BioMed will redevelop and lease the vacated space, which
excludes approximately 27,000 square feet that Regeneron will retain.
Designed by the architectural firm of Tsoi/Kobus & Associates of
Cambridge, Massachusetts, the new buildings will feature an open and flexible
design as well as incorporate the latest energy efficient technologies.
William A. Berry & Son, Inc. of Danvers, Massachusetts is the general
contractor for the project.
Construction of the core and shell of the three buildings is expected to
be completed by the summer of 2008. Regeneron's office and laboratory space
is expected to be finished and ready for occupancy by early 2009.
For its commitment to New York State and Westchester County, Regeneron has
received a $4 million grant from Empire State Development Corporation, as well
as $3.5 million in property tax abatements and $1.5 million in sales tax
abatements from the Westchester County Industrial Development Agency.
Westchester County Executive Andrew Spano pointed to the expansion as a
sign of continued confidence in Westchester's biomedical community. "An
investment of this scale and scope just confirms that Westchester is still a
hot location for scientific research and development," said Mr. Spano.
"Regeneron has been a key player in the county for years, and not only do they
want to stay -- they're ready to expand. BioMed's commitment to build more
space will allow other companies to be able to do the same," he added.
Empire State Development/Downstate Chairman Patrick Foye said, "ESD is
pleased to be a part of Regeneron's continued success and investment in
Westchester. Today's groundbreaking is a significant milestone for both the
company and New York State. With Regeneron and others leading by example, New
York has become a prime location for specialty and high-tech businesses."
Located off the Saw Mill River Parkway in the Towns of Greenburgh and
Mount Pleasant, The Landmark at Eastview is comprised of eight buildings
totaling approximately 752,000 rentable square feet of research and
development facilities and high-tech office space. Amenities include a
cafeteria, conference facility, 24/7 security, free shuttle to the North White
Plains Metro North station, tennis and basketball courts, jogging trails and
walking paths. The Landmark at Eastview's strategic location affords easy
access to New York City, Connecticut and New Jersey.
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. BioMed Realty Trust owns or has
interests in 66 properties, representing 99 buildings with approximately
8.4 million rentable square feet, located predominantly in the major U.S. life
science markets of Boston, San Diego, San Francisco, Seattle, Maryland,
Pennsylvania and New York/New Jersey, which have well-established reputations
as centers for scientific research. Additional information is available at
About Regeneron Pharmaceuticals
Regeneron is a biopharmaceutical company that discovers, develops, and
intends to commercialize therapeutic medicines for the treatment of serious
medical conditions. Regeneron has therapeutic candidates for the potential
treatment of inflammatory diseases, eye diseases, and cancer and has
preclinical programs in other diseases and disorders.
Forward-Looking Statements for BioMed Realty Trust
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
BioMed Realty Trust'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 and developments
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 BioMed Realty Trust 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
Forward-Looking Statements for Regeneron
This news release discusses historical information and includes
forward-looking statements about Regeneron and its products, programs,
finances, and business, all of which involve a number of risks and
uncertainties, such as risks associated with preclinical and clinical
development of our drug candidates, determinations by regulatory and
administrative governmental authorities which may delay or restrict our
ability to continue to develop or commercialize our drug candidates, competing
drugs that are superior to our product candidates, unanticipated expenses, the
availability and cost of capital, the costs of developing, producing, and
selling products, the potential for any collaboration agreement, including our
agreements with the sanofi-aventis Group and Bayer HealthCare, to be canceled
or to terminate without any product success, risks associated with third party
intellectual property, and other material risks. A more complete description
of these and other material risks can be found in Regeneron's filings with the
United States Securities and Exchange Commission (SEC), including its Form
10-K for the year ended December 31, 2006. Regeneron does not undertake any
obligation to update publicly any forward-looking statement, whether as a
result of new information, future events, or otherwise unless required by law.
SOURCE BioMed Realty Trust, Inc.
CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,
Web site: http://www.biomedrealty.com