BioMed Realty Trust Signs New Lease With Regeneron Pharmaceuticals for 131,000 Square Feet at Landmark
SAN DIEGO, Dec. 3 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today that it has entered into a new lease with Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) for approximately 131,000 square feet of additional, newly-constructed laboratory and office space at The Landmark at Eastview campus in Tarrytown, New York. The new lease expires on June 30, 2023. This lease of additional space was completed approximately two months after BioMed and Regeneron celebrated the opening of two new buildings at the 116-acre campus, totaling approximately 230,000 square feet, which were built by BioMed to serve as Regeneron's corporate headquarters and research facility. As a result of these transactions, the approximately 361,000 square feet of newly-constructed space at Landmark delivered from BioMed's development pipeline in the third quarter of this year is now 100% leased.
Alan D. Gold, BioMed's Chairman and Chief Executive Officer, remarked, "We are extremely pleased with this latest expansion of our relationship with Regeneron. BioMed was one of the first institutional real estate organizations to recognize the potential of the life science industry in New York and Westchester County when we purchased the Landmark campus in 2004, with Regeneron as the anchor tenant. Since then, Regeneron has continued to be at the forefront of biopharmaceutical research and development, as illustrated by Regeneron's recent expansion of its existing global collaboration with sanofi-aventis to discover, develop and commercialize fully human therapeutic monoclonal antibodies. We are delighted to continue playing a significant role in their ongoing scientific advancements and drug discoveries."
Commenting on its expanded presence at Landmark, Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron, said, "BioMed has been an ideal real estate partner during this time of growth at Regeneron. We have a very strong working relationship with BioMed and look forward to continuing our mission to discover and develop important new medicines in our new state-of-the-art research facilities in Tarrytown."
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 69 properties, representing 114 buildings with approximately 10.5 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.