BioMed Realty Invests In Life Science Research Facilities Leased To Yale University, Yale-New Haven Hospital And Alexion Pharmaceuticals Two properties will aggregate over 1.0 million square feet upon completion
SAN DIEGO, April 7, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced the investment in two properties, 300 George Street and 100 College Street, in the growing life science research community adjacent to the Yale School of Medicine in New Haven, Connecticut.
The property at 300 George Street is a nine-story, 519,000 square foot laboratory and office building, which is anchored by long term leases to Yale University and the Yale-New Haven Hospital. The second building at 100 College Street, currently under construction, will be a 14-story, fully leased 508,000 square foot laboratory and office project anchored by Alexion Pharmaceuticals, Inc. Alexion was founded in New Haven in 1992, and will use the 100 College building as its new global headquarters.
The total project investment, upon completion, is expected to be approximately $308 million including a continuing partnership interest of Winstanley Enterprises LLC, which will also continue to provide construction and property management services for the project.
"This opportunity allows BioMed Realty and Wexford to work with and build upon the established relationships with world-renowned tenants like Yale University, Yale-New Haven Hospital and Alexion, a global pharmaceutical company with a marketed product, Soliris®, and a robust research pipeline," said Kent Griffin, President of BioMed Realty. "We look forward to utilizing our expertise in the well-established life science community in New Haven."
"This is an exciting day for Winstanley Enterprises as we join with BioMed Realty and Wexford to continue the successful partnerships we have established with the City of New Haven, Yale University, and the local life sciences community," observed Carter Winstanley, Principal with Winstanley Enterprises. "We believe this venture will provide vibrant real estate solutions to facilitate continued innovation between public and private industry for many years to come."
"We are excited about this opportunity to expand our university-anchored, knowledge community platform – particularly with this high quality project supporting Yale University, Yale-New Haven Hospital and Alexion Pharmaceuticals," said James Berens, President of Wexford Science & Technology. "We look forward to working closely with Carter Winstanley and his talented team supporting the increasingly vibrant New Haven market. Given the strong foundations which the local community and Yale University have created in concert with our partner, Winstanley Enterprises, we see New Haven as a center of excellence which will drive collaboration with top tier researchers from around the world."
Additional information regarding the investment is available under the Investor Relations section of BioMed Realty's website at http://phx.corporate-ir.net/phoenix.zhtml?c=182385&p=irol-IRHome.
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.
About Wexford Science & Technology
Wexford Science & Technology, a subsidiary of BioMed Realty, is a real estate investment and development company specializing in facilities for for-profit and not-for-profit institutions, especially universities, university-related research parks and healthcare systems. Wexford brings a unique approach of collaborating with clients to build knowledge communities which are vibrant, mixed-use, amenity-rich environments that foster innovation.
About Winstanley Enterprises
Winstanley Enterprises LLC, based in Concord, Massachusetts, invests in and develops commercial real estate assets. Operating primarily in the Northeast United States, Winstanley invests across all commercial asset classes with a particular expertise in the laboratory and life sciences industry. Winstanley provides a wide range of integrated development, tenant and investor services through its corporate staff and operating subsidiaries, Winstanley Property Management LLC and Winstanley Construction Management LLC. Additional information is available at http://www.winent.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 BioMed Realty Trust, Inc.'s (the "company") growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully, including the investments in 300 George Street and 100 College Street in New Haven, Connecticut; risks and uncertainties affecting property development and construction, including completion of construction of the 100 College 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; 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