SAN DIEGO, Dec. 21 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. today announced that it has signed a new, long-term lease with Regeneron Pharmaceuticals, Inc. for approximately 194,000 square feet of office and laboratory space at the company's Landmark at Eastview property in Greenburgh, New York.
Under the lease, Regeneron will relocate a majority of its existing operations at the Landmark at Eastview to two of the three new state-of-the- art buildings to be constructed by BioMed Realty Trust on the Landmark campus. Regeneron will occupy one new building in its entirety and two floors of a second new building. The remainder of the second building, as well as the third new building, will be available for lease. In addition, Regeneron will retain approximately 27,000 square feet of its existing space at the property.
BioMed has begun development of the new buildings and expects to complete construction in the first quarter of 2008. The new buildings are being designed by Tsoi/Kobus & Associates, Inc., with William A. Berry & Son, Inc. as the general contractor. Following Regeneron's relocation, BioMed intends to redevelop and offer for lease Regeneron's existing space at the Landmark at Eastview.
"We are excited to enter into this new, long-term lease with Regeneron Pharmaceuticals, one of our top ten tenants. The transaction is a confirmation of BioMed's commitment to the New York market and its outstanding academic and commercial institutions," said Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust. "The Landmark at Eastview continues to stand out as the premier life science facility in the region."
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(TM). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry, and its properties and primary acquisition targets are generally located in markets with well established reputations as centers for scientific research, including Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey. BioMed's real estate portfolio consists of 56 properties, representing 92 buildings with approximately 7.9 million rentable square feet in each of the major life science markets in the United States. 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 and the use of debt to fund acquisitions and developments; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions 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.
