SAN DIEGO, April 6, 2005 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced it has acquired two properties in the Boston area, and a third in Pennsylvania for a combined value of approximately $44.5 million, representing the company's initial entry into the Massachusetts life science market and an expansion in Pennsylvania.
The acquisitions increase the company's real estate portfolio to 22 properties, representing 44 buildings with approximately 3.0 million rentable square feet.
Fresh Pond Research Park, located in Cambridge, Massachusetts, is a multi-tenant facility consisting of six buildings containing approximately 90,700 rentable square feet of office, laboratory and warehouse space. The primary tenant is Curis, Inc. (Nasdaq:CRIS), a therapeutic drug development company focused on products that modulate key regulatory pathways that control the repair and regeneration of human tissues and organs. The property was purchased for approximately $20.7 million in cash.
The second property acquired by BioMed Realty in the Boston area is located on Coolidge Avenue in Watertown, Massachusetts, just east of Cambridge. The property contains approximately 37,400 rentable square feet of office and laboratory space and is 100 percent leased to Vitex (Nasdaq:VITXD), a company engaged in the discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. The property was purchased for approximately $10.8 million in cash.
The acquisition of a property located on Phoenixville Pike in Malvern, Pennsylvania represents the company's third property in the State. It contains one building with approximately 104,400 rentable square feet of office and laboratory space. The primary tenant is Cephalon, Inc. (Nasdaq:CEPH), a biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer and pain. The property was approximately 57 percent leased at acquisition and is in the process of being converted into a multi-tenant laboratory facility. The property was acquired for approximately $13.0 million in cash.
"Our entry into the Boston area, the second largest life science real estate market in the United States, continues the acquisition momentum of the first quarter. It is also an important milestone for the company, and we look forward to additional opportunities in this market, as well as in other key life science regions in the country," said 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.