81,200 Square Foot Lease Extension In San Diego Through 2018 Signed By Vertex Pharmaceuticals And BioMed Realty
SAN DIEGO, July 16, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a lease extension with Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) for approximately 81,200 square feet at the company's Torreyana Road property located in the heart of the Torrey Pines submarket of San Diego, California. The lease now extends through December 31, 2018.
Ranked as the top place to work in the life science industry by Science magazine in 2011, Vertex has received two recent FDA approvals in their drug pipeline, first with INCIVEK™ in May of 2011, which was followed in January 2012 with the approval of KALYDECO™. Along with their drug pipeline for treatment of rheumatoid arthritis, epilepsy and influenza, Vertex has ongoing preclinical programs aimed at cancer, multiple sclerosis, pandemic influenza, Huntington's disease and tuberculosis.
Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, remarked, "Vertex is one of the truly great biotechnology stories today, and we are very pleased to extend their lease at Torreyana Road for another 63 months. Our relationship has spanned seven years of breakthrough discoveries by the Vertex team, culminating with the FDA approvals of KALYDECO and INCIVEK within the past 18 months. We look forward to many more years of supporting their transformational drug research, development and commercialization efforts."
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®. 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 owns or has interests in properties comprising approximately 13.0 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, which have well-established reputations as centers for scientific research. 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: 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 associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; ownership of properties outside of the United States that subject the company to different and potentially greater risks than those associated with the company's domestic operations; 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.