BioMed Realty Trust Acquires an Additional 48,300 Square Foot Research Facility in the Torrey Pines Submarket of San Diego
SAN DIEGO, Jan. 5, 2011 /PRNewswire/ — BioMed Realty Trust, Inc. (NYSE: BMR) announced that it has acquired a life science research and development facility at 3525 John Hopkins Court comprising approximately 48,300 square feet in the Torrey Pines submarket of San Diego, California. The building is 100% leased until 2018 to the University of California, San Diego, a world renowned public research university. BioMed purchased the property for approximately $24.9 million, excluding closing costs.
The 3525 John Hopkins Court property is located in Torrey Pines at the corner of Genesee Avenue and John Jay Hopkins Drive, adjacent to BioMed’s 72,200 square foot University Science Center. Torrey Pines is the largest life science submarket in San Diego and home to some of the world’s leading research institutes, including UCSD, The Sanford-Burnham Medical Research Institute, The Salk Institute, the Scripps Research Institute, and The J. Craig Venter Institute. The acquisition increases BioMed’s total presence in San Diego to approximately 1.9 million rentable square feet.
In addition, BioMed announced the acquisition of two life science buildings comprising an aggregate of approximately 79,000 square feet in the heart of the Research Triangle area of North Carolina. The Patriot Science Center is an approximately 48,400 square foot laboratory and office building located at 3908 Patriot Drive in Durham, North Carolina. The property was purchased for approximately $8.6 million, excluding closing costs. BioMed also acquired the 3000 Weston Parkway life science research facility located in Cary, North Carolina, comprising approximately 30,600 square feet of fully occupied rentable space, for a purchase price of approximately $6.1 million, excluding closing costs. In aggregate, the two properties are 88% leased.
“We are very excited about our most recent investments,” said Alan D. Gold, BioMed’s Chairman and Chief Executive Officer. “3525 John Hopkins Court represents a premier location and facility in Torrey Pines, one of the most important centers of biotechnology innovation in the world, and affords us the opportunity to further expand and enhance our relationship with UCSD, a preeminent life science research institution. Completion of these acquisitions puts an exclamation point on a most productive 2010 for our acquisitions and leasing team. Total strategic investment activity in 2010 was approximately $675 million, encompassing almost 1.7 million rentable square feet of space, which was approximately 95% leased at acquisition, and over one million square feet available for future development. In addition, we continue to see positive traction on the leasing front, most notably with three new leases representing 108,000 square feet at the Pacific Research Center in the San Francisco Bay Area during the fourth quarter. Our portfolio, which now totals over 12 million rentable square feet, is very well positioned to capitalize on this momentum and the continued strength of the life science industry.”
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science IndustryÃ‚®. The company’s tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed owns or has interests in 85 properties, representing 147 buildings with approximately 12.2 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, 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 and developments, 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 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.
SOURCE BioMed Realty Trust, Inc.