BioMed Realty Acquires 320 Charles In Cambridge, MA 99,500 Square Feet Adjacent to Company's Rogers Street Assets
SAN DIEGO, June 20, 2013 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today that it has completed the acquisition of 320 Charles Street in Cambridge, Massachusetts in a transaction valued at $52 million. The property comprises approximately 99,500 square feet of laboratory and office space currently leased to The Whitehead Institute for BioMedical Research. In connection with the acquisition, BioMed Realty issued approximately 2.0 million operating partnership units in BioMed Realty, L.P. to the seller, with the balance of the purchase price paid in cash.
Kent Griffin, BioMed Realty's President and Chief Operating Officer, commented, "This acquisition enables us to expand our footprint in Cambridge, Massachusetts, arguably the most vibrant life science market in the U.S., if not the world. In addition, our funding of over 80% of the acquisition cost with equity serves as another illustration of our capital strategy: matching long-term value creation opportunities with long-term funding sources."
About BioMed Realty Trust
BioMed Realty delivers optimal real estate solutions for 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 16.3 million rentable square feet including the properties of Wexford Science & Technology, a wholly-owned subsidiary of BioMed Realty, which meet the growing and specialized facilities needs of for-profit and not-for-profit institutions, including universities, university-related research parks and healthcare systems. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com and www.wexfordscitech.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: failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully, including the company's acquisition of the 320 Charles Street property; the company's ability to meet projected yields on properties, including projected yields on the 320 Charles Street property; 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, developments and other investments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; 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; risks associated with the company's investments in loans, including borrower defaults and potential principal losses; 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.