BioMed Realty Trust Breaks Ground on 176,000 Square Foot R&D Facility for Isis Pharmaceuticals in Carlsbad, California
SAN DIEGO, June 1 BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it broke ground on the new 176,000 square foot, state-of-the-art research facility for Isis Pharmaceuticals, Inc. in Carlsbad, California. Employees from both companies gathered for the groundbreaking ceremony at the Carlsbad Oaks North Business Park site. The new facility will increase BioMed's total leased space with Isis to approximately 204,700 square feet. Upon completion of construction, Isis will lease the new building for a 20-year term and consolidate the majority of its operations in the new facility.
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Commenting on the new facility, Dr. Stanley T. Crooke, Chairman and Chief Executive Officer of Isis Pharmaceuticals, said, "This state-of-the-art facility will consolidate the majority of our operations into a single facility that will foster our collaborative approach to drug discovery and development. We are pleased to be celebrating this construction milestone with BioMed, our real estate partner since 2005, and civic leaders from the City of Carlsbad, our corporate home."
"Cultivating the life science industry has had a long-term, positive impact on our community, especially in terms of economic development and local jobs," said Claude A. "Bud" Lewis, mayor of Carlsbad. "Today's groundbreaking for the future home of Isis Pharmaceuticals' primary research and development site is the result of a great partnership between the city, Isis Pharmaceuticals and BioMed Realty Trust to create another high quality project in Carlsbad."
"We are excited to be taking this first big step with Isis toward completion of their new R&D facility," said Alan D. Gold, Chairman and Chief Executive Officer of BioMed. "Isis has been a groundbreaking life science company in antisense drugs and technology and a key partner for BioMed in the San Diego market since 2005. We look forward to working closely with the Isis team on this build-to-suit and continuing to be their strategic real estate partner for many years to come."
Designed by the architectural firm of DGA of San Diego, the facility is being constructed by DPR Construction, Inc. of San Diego.
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 73 properties, representing 120 buildings with approximately 11.0 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 rating agencies; 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.
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