BioMed Realty Trust Expands Strategic Real Estate Partnership With Isis Pharmaceuticals
SAN DIEGO, April 5 BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it has expanded its strategic real estate partnership with Isis Pharmaceuticals, Inc. BioMed extended its lease for Isis' current facility at Faraday Avenue in Carlsbad, California and added a lease for a new build-to-suit project, increasing the total leased space to approximately 204,700 square feet.
Under the terms of the new agreement, Isis will lease 100% of a new 176,000 square foot, state-of-the-art research facility to be constructed by BioMed at the Carlsbad Oaks North Business Park in Carlsbad. 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.
Concurrently, Isis extended to December 31, 2031 the lease for its approximately 28,700 square foot, recently upgraded manufacturing facility, which it currently occupies at BioMed's nearby Faraday Avenue property.
"We are a dynamic and innovative company and consolidating the majority of our operations into a single facility will foster our collaborative and unique approach to drug discovery and development," said Dr. Stanley T. Crooke, Chairman and Chief Executive Officer of Isis Pharmaceuticals. "Working closely with BioMed, we have been able to design a functional and efficient facility that will meet our needs for the near-term and for the future. In addition, the location of our new facility remains close to our manufacturing suites, which we recently upgraded to ensure we meet our commitment to support the initial commercial launch of mipomersen. As a real estate partner, BioMed offers tremendous technical expertise in the development, ownership and operation of research facilities and the financial strength and stability that we expect from our long-term real estate provider. These capabilities greatly enhance our efforts as we transition toward further development and commercialization of our product pipeline."
Commenting on the new leases with Isis, Alan D. Gold, Chairman and Chief Executive of BioMed, said, "We are both honored and excited to be able to support Isis Pharmaceuticals and their continued growth. Isis has been a valued tenant since 2005 and has been at the forefront in developing and expanding antisense drug discovery and technology. This build-to-suit transaction for Isis epitomizes our deep-rooted approach to developing strong, lasting relationships with our tenants by working closely with them to meet their continually evolving life science real estate needs."
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science IndustryŽ. 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 71 properties, representing 114 buildings with approximately 10.8 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.
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