SAN DIEGO, March 29, 2005 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced it has acquired additional properties in San Diego, New Jersey and the San Francisco Bay Area with a total value of approximately $29.2 million.
The acquisitions increase the company's real estate portfolio to 19 properties, representing 36 buildings with approximately 2.8 million rentable square feet.
The newly acquired San Diego property is located on Waples Street in the Sorrento Mesa submarket, an area with more than 80 percent of San Diego's biotechnology companies. The Waples property was acquired through a majority owned joint venture. It contains a building with approximately 43,000 rentable square feet of space, which will be expanded and redeveloped through the joint venture. The property was purchased for approximately $5.3 million in cash.
The New Jersey acquisition, located on Graphics Drive in Ewing Township, represents BioMed Realty's initial entry into an important region of life science research. The Graphics Drive property contains approximately 72,300 rentable square feet of space and was acquired for approximately $7.7 million in cash.
As anticipated, BioMed acquired the third building at its Bridgeview property in Hayward, California for approximately $16.2 million in cash. The building contains approximately 50,400 rentable square feet of space and is fully leased to Cell Genesys, Inc. (Nasdaq:CEGE), a public company focused on the development and commercialization of biological therapies for patients with cancer.
"The acquisitions in San Diego, New Jersey and San Francisco further strengthen the company's presence in important target life science regions, while leveraging our organization's expertise and commitment to growth in a fragmented market," said Matthew G. McDevitt, vice president of acquisitions for BioMed Realty Trust.
"These acquisitions also highlight the premier life science real estate-oriented management team we have created, and the strong relationships we have formed in the life science industry. We look forward to further capitalizing on our strengths and unique qualities as we continue to focus on expansion in existing and new markets," commented Alan D. Gold, president and chief executive officer of BioMed Realty Trust.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry. Our tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. The company's primary acquisition targets and current properties are located in markets with well established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston. 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 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 California region; 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. 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.