BioMed Realty Trust Announces Lease Expansion With Children's Hospital Boston
Commenting on the project, Charles Weinstein, Children's Vice Presidentfor Real Estate, Planning and Development, said, "Securing additional researchspace at the Center for Life Science | Boston is a key step in the expansionplans for Children's Hospital. This world-class facility affords us theopportunity to advance our research efforts, which go to the heart of ourmission to improve pediatric health care around the world."
Alan Gold, BioMed's President and Chief Executive Officer, commented, "Weare extremely pleased to expand our relationship with Children's Hospital --the world's leading pediatric health care research organization. With thisadditional lease, Children's Hospital becomes one of our ten largest tenants.We are very proud to have the industry's premier tenant roster, which includesorganizations like Children's Hospital."
About Children's Hospital Boston
Children's Hospital Boston (Children's) is a 397-bed comprehensive centerfor pediatric health care. As one of the largest pediatric medical centers inthe United States, Children's offers a complete range of health care servicesfor children from birth through 21 years of age. Children's recordsapproximately 22,600 inpatient admissions each year, and its 204 specializedclinical programs care for more than 527,500 patients annually. Additionally,the hospital performs 23,000 surgical procedures and 170,000 radiologicalexaminations every year.
The hospital's clinical staff includes approximately 963 active medicaland dental staff, as well as 897 residents and fellows, 1,570 nursing andclinical personnel, and 5,200 other full- and part-time employees. Children'salso utilizes a diverse, trained team of more than 800 volunteers. Children'sis the primary pediatric teaching hospital of Harvard Medical School, wheremost of its physicians hold faculty appointments.
Children's is also home to the world's largest research enterprise basedat a pediatric medical center, where its discoveries have benefited bothchildren and adults since 1869. More than 600 scientists, including sevenmembers of the National Academy of Sciences, twelve on-staff members of theInstitute of Medicine, and twelve members of the Howard Hughes MedicalInstitute comprise Children's research community. Its current initiatives haveattracted a record $176 million in funding, including more federal fundingthan is awarded to any other pediatric facility in the United States.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focusedon Providing Real Estate to the Life Science Industry(R). The company'stenants primarily include biotechnology and pharmaceutical companies,scientific research institutions, government agencies and other entitiesinvolved in the life science industry. BioMed Realty Trust owns or hasinterests in 69 properties, representing 112 buildings with approximately 10.4million rentable square feet, including approximately 1.4 million square feetof development in progress. The company also owns undeveloped land parcelsadjacent to existing properties that it estimates can support up to 1.4million rentable square feet. The company's properties are locatedpredominantly in the major U.S. life science markets of Boston, San Diego, SanFrancisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which havewell-established reputations as centers for scientific research. Additionalinformation is available at http://www.biomedrealty.com.
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 based on currentexpectations, forecasts and assumptions that involve risks and uncertaintiesthat could cause actual outcomes and results to differ materially. These risksand uncertainties include, without limitation: general risks affecting thereal estate industry (including, without limitation, the inability to enterinto or renew leases, dependence on tenants' financial condition, andcompetition from other developers, owners and operators of real estate);adverse economic or real estate developments in the life science industry orthe company's target markets; risks associated with the availability and termsof financing and the use of debt to fund acquisitions and developments;failure to manage effectively the company's growth and expansion into newmarkets, or to complete or integrate acquisitions and developmentssuccessfully; risks and uncertainties affecting property development andconstruction; risks associated with downturns in the national and localeconomies, increases in interest rates, and volatility in the securitiesmarkets; potential liability for uninsured losses and environmentalcontamination; risks associated with the company's potential failure toqualify as a REIT under the Internal Revenue Code of 1986, as amended, andpossible adverse changes in tax and environmental laws; and risks associatedwith the company's dependence on key personnel whose continued service is notguaranteed. For a further list and description of such risks anduncertainties, see the reports filed by the company with the Securities andExchange Commission, including the company's most recent annual report on Form10-K and quarterly reports on Form 10-Q. The company disclaims any intentionor obligation to update or revise any forward-looking statements, whether as aresult of new information, future events or otherwise.
SOURCE BioMed Realty Trust, Inc.
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