New 62,600 Square Foot Lease At 650 East Kendall Street Signed By Ipsen And BioMed Realty
SAN DIEGO, Sept. 26, 2013 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) and Ipsen (Euronext: IPN; ADR: IPSEY) today announced the signing of a long-term new lease for approximately 62,600 square feet of laboratory and office space in Cambridge, Massachusetts at 650 East Kendall Street, a six-story, state-of-the-art multi-tenant research facility in the heart of the Kendall Square biotechnology super-cluster, which BioMed Realty owns through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a global specialty-driven pharmaceutical company whose ambition is to become a leader in specialty healthcare solutions for targeted debilitating diseases. Its development strategy is supported by three franchises: neurology, endocrinology and uro-oncology. Ipsen's R&D is focused on its innovative and differentiated technological platforms, peptides and toxins.
"We are very excited about expanding our research and development efforts to Cambridge, a leading hub in biotechnology research," according to Cynthia Sylvestre, President, Biomeasure and Vice President and Milford Site Head, Ipsen. "This move puts our research capabilities in the center of Kendall Square, one of the preeminent life science communities in the world, including prominent hospital centers, medical schools, biotech companies and universities. We are also excited about partnering with BioMed Realty with their specialized expertise in life science real estate."
Commenting on the new, long-term lease with Ipsen, Alan D. Gold, BioMed Realty's Chairman and Chief Executive Officer, said, "We are very excited that Ipsen has chosen 650 East Kendall as its Cambridge home for discovery and development of its programs. Ipsen's product offerings, pipeline and global partnership activity serve as a model of scientific innovation and achievement. We look forward to delivering the state-of-the-art facilities that will meet their requirements for years to come."
The 650 East Kendall property is an approximately 282,200 square foot life science 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, 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 16.3 million rentable square feet. Additional information is available at www.biomedrealty.com.
BioMed Realty Trust Forward-Looking Statements
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.