BioMed Realty Breaks Ground On i3, A New 316,000 Square Foot Iconic Development In San Diego, To Meet The Needs Of The Dynamic Life Science Industry
New State-of-the-Art Laboratory and Office Campus Is Designed to Become the Destination for Life Science in San Diego by Promoting Collaboration and Groundbreaking Science
SAN DIEGO, Feb. 12, 2015 /PRNewswire/ -- Joined by San Diego political leaders and representatives of the life science community, BioMed Realty Trust, Inc. (NYSE: BMR) today broke ground on a new 316,000 square foot laboratory and office campus designed to meet the unique real estate needs of San Diego's thriving life science industry. i3 is centered in the scenic and dynamic University Town Centre area of the city.
The iconic i3 campus will bring together the key elements needed by life science companies and their employees. For life science companies to thrive, grow and conduct great research they require an environment with flexible design, great amenities and easy access to transportation. Along with a 16,000 square foot amenities area, the campus will have three 100,000 square foot fully customizable buildings with adaptable lab zones enabling companies to more effectively create the environments of innovation unique to their science. The campus will create an atmosphere of connectivity, innovation and collaboration with outdoor conferencing and auditorium, an open courtyard programmed with activities for employees, modern fitness center and a unique market and cafe.
"San Diego's life science industry is bursting at the seams with tremendous innovation, and i3 will become the destination for life science in San Diego," said Alan Gold, Chairman and CEO of BioMed Realty. "We are not only investing in this new state-of-the-art campus, but we are investing in San Diego's existing and new life science companies that continue to develop new science to tackle our world's greatest healthcare challenges."
The i3 development will add much needed laboratory and office space to San Diego's healthy and growing life science industry. BioMed Realty estimates life science real estate in San Diego to be approximately 94 percent occupied, leaving fewer options for new companies to start and existing companies to grow and expand. Also, with the 316,000 square feet at i3, BioMed Realty will now have 18 million rentable square feet with eight development projects underway adding nearly two million square feet under construction in such places as Cambridge, the San Francisco Bay Area, New York, the United Kingdom, Seattle and Winston-Salem. These projects showcase the strength of the life science industry at the intersection of the growing health care industry and the innovation sector where BioMed Realty has and continues to focus its strategy.
According to Tracy Murphy, Market Lead for BioMed Realty in San Diego, "i3 is designed to inspire companies and their employees by providing the perfect setting to concentrate, collaborate and connect with each other and the larger life science community. We believe i3 will be iconic because of its beautiful design, and because of the science that will be developed on this campus."
Another key element of the i3 design is that it is expected to achieve LEED Platinum certification. The project is expected to include many sustainable features such as one of the first green roofs in San Diego, onsite bio-filtration zones, use of recycled water for irrigation and cooling towers, fuel cell energy generation, operable windows, and a net-zero amenity area. All of these features are designed to take advantage of and protect San Diego's beautiful climate.
The project is expected to be completed in mid-2016.
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 18.0 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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 of i3 in San Diego; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully including the i3 development; and 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). 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.
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SOURCE BioMed Realty Trust, Inc.
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