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BioMed Realty Trust Breaks Ground on $145 Million Lab and Office Complex at The Landmark at Eastview

- 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 tenants.

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 777 building.

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 otherwise.

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,
Inc., +1-858-485-9840
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