New 126,000 Square Foot Lease at 650 East Kendall Street Signed By BioMed Realty
SAN DIEGO, Calif., May 10, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) and AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced the signing of a new twelve-year lease for 126,000 square feet of laboratory and office space at 650 East Kendall Street, in the heart of the Kendall Square biotechnology super-cluster in Cambridge, Massachusetts. AVEO will move its headquarters and primary research facilities to the six-story, state-of-the-art multi-tenant research facility that is owned through BioMed Realty's joint venture with Prudential Real Estate Investors on behalf of institutional investors. AVEO is a cancer therapeutics company that recently received positive top-line results from a Phase 3 clinical study for an oral, once-daily treatment for patients with advanced renal cell carcinoma, and has two additional product candidates for the treatment of a variety of cancers.
According to Alan D. Gold, BioMed's Chairman and Chief Executive Officer, "We are pleased to welcome AVEO to 650 East Kendall and Kendall Square, the ideal location for their mission-critical research and clinical development of cancer therapeutics. 650 East Kendall was built to the exacting requirements of world-class life science tenants in order to support transformational research, such as AVEO's new treatments for the medical oncology community and their patients."
The 650 East Kendall property is comprised of a 280,000 square foot research facility that is supported by six levels of below-grade parking. The building received Gold status certification by the Leadership in Energy and Environmental Design (LEED®) of the U.S. Green Building Council.
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 Realty owns or has interests in properties comprising approximately 12.5 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, 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: 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 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 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.