BioMed Realty To Develop 297,000 Square Feet In New York Fully Leased To Regeneron Pharmaceuticals
SAN DIEGO, April 4, 2013 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today that it will commence construction on two new buildings comprising approximately 297,000 square feet and a parking structure at The Landmark at Eastview in Tarrytown, New York, expanding the campus to approximately 1.4 million square feet. The to-be-built laboratory and office space is 100% pre-leased for a 15-year lease term to Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN). Regeneron, a fully integrated biopharmaceutical company with three marketed products in the United States, will use the new facilities for its research and development activities. BioMed Realty estimates that the new buildings will be occupied by Regeneron in late 2015.
"Our recently approved drugs and our robust development pipeline have transformed Regeneron into one of the largest and fastest-growing biopharmaceutical companies in the United States," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer. "In March 2013, we hired our 2,000th employee, we expect to continue to hire over the next several years, and these new buildings will support our continued growth. We are grateful to Governor Cuomo for the New York State financial support for this newest expansion and to BioMed Realty, our longtime landlord, for structuring a mutually beneficial real estate transaction."
Concurrently with the new lease, Regeneron executed an early renewal of approximately 360,500 square feet of space that it leases at Landmark into 2029. Regeneron also continues to lease approximately 312,500 square feet of space into 2024. Having started with four employees when it opened its research laboratories at The Landmark at Eastview in 1989, Regeneron now has over 1,300 employees working at the campus.
Commenting on the latest expansion with Regeneron, Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, "Over the past nine years, we have had the privilege of supporting Regeneron's groundbreaking scientific achievements and truly remarkable growth, especially since their successful recent launches of EYLEA ® (aflibercept) Injection and ZALTRAP ® (ziv-aflibercept). This latest expansion of our valued, long-term relationship with Len Schleifer and his team provides BioMed Realty with yet another opportunity to deploy the most knowledgeable professionals in the life science real estate industry for build-to-suit construction of new facilities that will support Regeneron's continued success."
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 13.5 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego, 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: risks and uncertainties affecting property development and construction, including the development project at The Landmark at Eastview campus for Regeneron Pharmaceuticals; 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 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.