SAN DIEGO, March 1 BioMed Realty Trust, Inc. (NYSE: BMR) announced that it has acquired two life science buildings comprising approximately 82,400 square feet located at 55 and 65 West Watkins Mill Road in Gaithersburg, Maryland. The company purchased the property for approximately $14.4 million, excluding closing costs. The property is 100% leased to two tenants: MedImmune, Inc., a wholly-owned subsidiary of AstraZeneca PLC (NYSE: AZN), and GenVec, Inc. (Nasdaq: GNVC), a biopharmaceutical company developing novel gene-based therapeutic drugs and vaccines.
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The West Watkins property is located along the I-270 Corridor in Montgomery County, also known as "DNA Alley" and home to a number of premier biotechnology and pharmaceutical companies, federal government laboratories and regulatory agencies and highly-regarded educational institutions, as well as five other BioMed properties. The acquisition increases BioMed's total presence in Maryland to approximately 1.2 million rentable square feet, which is 100% leased.
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Commenting on the acquisition, Alan D. Gold, BioMed's Chairman and Chief Executive Officer, said, "The West Watkins property represents an excellent investment for BioMed, expanding our footprint in Montgomery County, one of the world's most vibrant and productive life science markets. Secondly, the acquisition adds two premier tenants, MedImmune and GenVec, to BioMed's Maryland tenant roster, which already includes world-renowned life science companies Human Genome Sciences, Novavax, and Eisai."
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®. 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 70 properties, representing 113 buildings with approximately 10.6 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 manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments 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.
SOURCE BioMed Realty Trust, Inc.
