BioMed Realty Announces 31,500 Square Foot Lease Expansion With Risk Management Solutions At The Pacific Research Center
Over 82,000 Square Feet of New Leasing Signed at PRC in 2013
SAN DIEGO, April 8, 2013 /PRNewswire/ — BioMed Realty Trust, Inc. (NYSE: BMR) announced today that Risk Management Solutions, Inc. (“RMS”), a leader in risk modeling for businesses, has leased an additional 31,500 square feet at its Pacific Research Center in Newark, California. As a result of this lease expansion, RMS’ occupancy at Pacific Research Center North will increase to approximately 134,000 square feet, all of which extends through December 31, 2020.
With the signing of the RMS lease expansion, in addition to two recent new leasing transactions totaling approximately 50,800 square feet, BioMed Realty has executed over 82,000 square feet of new leases during 2013 at Pacific Research Center, which is now 72% leased.
“We are excited that RMS has expanded their presence at the Pacific Research Center and look forward to providing real estate solutions in support of their efforts to help organizations understand and manage risk exposure,” said Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty. “With over 400,000 square feet leased in the past 15 months, PRC is a vibrant, amenity-rich campus in close proximity to the life science and high-tech markets in the San Francisco Bay Area that continues to attract a broad array of high-quality tenants.”
The Pacific Research Center campus is comprised of Pacific Research Center North, Pacific Research Center South and Pacific Industrial Center.
About BioMed Realty Trust
BioMed Realty 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 13.5 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, Maryland, San Diego, 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, 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 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.