BioMed Realty Trust Acquires Five Life Science Buildings in Rockville, Maryland Totaling 218,000 Square Feet
SAN DIEGO, May 4 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced that it has acquired five life science buildings comprised of approximately 218,000 square feet and located at 9704-9714 Medical Center Drive in Rockville, Maryland. The company purchased the property for $53 million, excluding closing costs. The property is fully leased to the J. Craig Venter Institute (JCVI), a world leader in genomic research.
The Medical Center Drive property is the second acquisition by BioMed in 2010 located along the I-270 Corridor in Montgomery County, also known as "DNA Alley." The Maryland life science market is home to several large-scale federal government health agencies, including the Food and Drug Administration, the National Institutes of Health, the Department of Homeland Security and the National Cancer Institute, as well as several world-renowned universities and research institutes, including Johns Hopkins University, the University of Maryland and the Howard Hughes Medical Institute.
The acquisition increases BioMed's Maryland portfolio to six properties, comprised of 15 buildings and 1.4 million rentable square feet, which are 100% leased. The company's premier tenant roster in Maryland includes Human Genome Sciences, Inc., Novavax, Inc., Eisai Co., Ltd., and MedImmune, Inc., a wholly-owned subsidiary of AstraZeneca PLC.
"We are pleased to have BioMed as our real estate partner," said J. Craig Venter, Ph.D., Founder, Chairman and President of JCVI. "BioMed understands life science research and has an excellent track record of successfully owning, developing and operating the highest quality facilities for life science research organizations like ours. In addition, BioMed has the financial strength, stability and flexibility to support our multidisciplinary genomic-focused research needs."
Commenting on the company's latest acquisition in Maryland, Alan D. Gold, BioMed's Chairman and Chief Executive Officer, said, "We are very excited about forging this new relationship with the Venter Institute through this acquisition. Dr. Venter and his research teams are truly pioneers in genomic science and are conducting some of the most promising research to enhance the quality of life. Acquiring and operating this state-of-the-art life science campus in one of our core markets, with the campus anchored by a world-renowned research institution, is an excellent illustration of our execution on BioMed's growth strategy. We look forward to supporting the Venter Institute's goals of advancing the science of genomics for many years to come."
About the J. Craig Venter Institute (JCVI)
The JCVI is a not-for-profit research institute in Rockville, MD and San Diego, CA dedicated to the advancement of the science of genomics; the understanding of its implications for society; and communication of those results to the scientific community, the public, and policymakers. Founded by J. Craig Venter, Ph.D., the JCVI is home to approximately 400 scientists and staff with expertise in human and evolutionary biology, genetics, bioinformatics/informatics, information technology, high-throughput DNA sequencing, genomic and environmental policy research, and public education in science and science policy. The legacy organizations of the JCVI are: The Institute for Genomic Research (TIGR), The Center for the Advancement of Genomics (TCAG), the Institute for Biological Energy Alternatives (IBEA), the Joint Technology Center (JTC), and the J. Craig Venter Science Foundation. The JCVI is a 501 (c)(3) organization. For additional information, please visit http://www.JCVI.org.
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 owns or has interests in 72 properties, representing 119 buildings with approximately 11.0 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at http://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 rating agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; 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.