BioMed Realty Brings Intertek Pharmaceutical Services To Wateridge Summit: San Diego Project Now 96% Leased Intertek Signs 46,142 SF Long-Term Lease to Join Inovio Pharmaceuticals and Genalyte as New Tenants at the Sorrento Valley Property since April 2013
SAN DIEGO, May 8, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced the signing of a new long-term lease with Intertek USA, Inc., a division of Intertek Group plc (LSE: ITRK), for 46,142 square feet at the company's Wateridge Summit property in San Diego, California. Intertek Pharmaceutical Services, a division of Intertek USA, provides pharmaceutical development and manufacturing support services and will fully occupy the 10420 Wateridge Circle building for its pharmaceutical services immunochemistry laboratory. The term of the new lease with Intertek is approximately eleven years.
Chetan Parmar, Vice President of Life Science for Intertek Pharmaceutical Services, remarked, "Wateridge Summit is the ideal location for us to expand our immunochemistry facilities because of its state-of-the-art research facilities centrally located within the San Diego research community. We are especially pleased to have a dedicated real estate partner in BioMed Realty which has demonstrated its understanding of our needs and its skill in delivering solutions that best fit our company and science."
Acquired by BioMed Realty in November 2011, the three buildings which comprise Wateridge Summit encompass approximately 106,500 square feet of laboratory and office space in the heart of the Sorrento Mesa life science and high-tech communities. Intertek joins Inovio Pharmaceuticals, Inc. and Genalyte, Inc., which have signed long-term leases for the other two buildings within the past 13 months at Wateridge Summit. The property is now approximately 96% leased.
"We are very pleased to welcome Intertek Pharmaceutical Services to Wateridge Summit. The leasing success at our Wateridge Summit facilities in such short order is a testament to the expertise and strong relationships of our San Diego team, but it also reflects the strength of the biotechnology market in San Diego which continues to innovate, invest capital and grow," said Alan Gold, Chairman and CEO of BioMed Realty. "We look forward to serving the real estate needs of Chetan's team in Sorrento Mesa to propel their research forward."
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, 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 17.3 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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, 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; 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 tax credits, grants and other subsidies to fund development activities; 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.