Regeneron And BioMed Realty Break Ground On A New 300,000 Square Foot R&D Build-to-Suit Facility In Westchester County, New York
SAN DIEGO, Oct. 28, 2013 /PRNewswire/ -- Joined by New York Senator Charles E. Schumer and state, county and local government leaders, senior management from Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and BioMed Realty Trust, Inc. (NYSE: BMR) broke ground today on a new 300,000 square foot build-to-suit research facility for Regeneron at BioMed Realty's The Landmark at Eastview campus in Westchester County, New York. Employees from both companies gathered for the groundbreaking ceremony at the site. Featured speakers at the ceremony were Senator Schumer; Leonard S. Schleifer, M.D., Ph.D., Founder, President and Chief Executive Officer of Regeneron; George D. Yancopoulos, Chief Scientific Officer and President, Regeneron Laboratories; Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty; U.S. Congresswoman Nita Lowey of New York; Rob Astorino, Westchester County Executive; and Kenneth Adams, President and CEO of the Empire State Development Corporation.
"We are pleased to be celebrating this groundbreaking with distinguished civic leaders and especially with our employees here in Westchester, our home since our first lab opened on this site in 1989," said Dr. Schleifer of Regeneron. "As Regeneron further expands its scientific discovery programs, advances new therapies and commercializes our robust development pipeline, Westchester County and The Landmark at Eastview continue to offer an optimal campus environment for our employees and to facilitate our growth. This new facility will include design features to further propel our drug discovery and development forward and leverage the expertise of our real estate partner, BioMed Realty, which has supported our business since 2004 through a combination of new construction, adaptive re-use of different spaces and collaborative on-site management."
Mr. Gold of BioMed Realty remarked, "We are proud to stand with Regeneron today to break ground on the site of our latest expansion of a truly extraordinary relationship. The Regeneron story continues to inspire all of us at BioMed Realty, especially here at The Landmark. We congratulate them on being named last week the world's number one biopharmaceutical employer by Science magazine for the second consecutive year. Their success is a great testimony to Len, George, and all of the now 2,200 employees throughout Regeneron."
The new state-of-the-art facility is located entirely at the 116-acre Landmark campus that sits in the Towns of Greenburgh and Mt. Pleasant in Westchester County. Upon completion of construction, Regeneron will lease and fully occupy for a 15-year term the to-be-built laboratory and office space adjacent to its other Landmark facilities. BioMed Realty estimates that the new buildings will be occupied by Regeneron in late 2015.
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 16.2 million rentable square feet. 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 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.
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