World's Premier Life Science Research Facility is Now 98% Leased
SAN DIEGO, June 8, 2011 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new ten-year lease at the Center for Life Science | Boston with Pfizer Inc. (NYSE: PFE), the world's leading biopharmaceutical company. Pfizer's Center for Therapeutic Innovation will occupy approximately 16,600 square feet of laboratory and office space on the top floor of the state-of-the-art 18-story building located in the Longwood Medical Area of Boston. The Center for Life Science | Boston is now 98% leased as a result of this transaction.
State and City of Boston government leaders today joined with Alan D. Gold, Chairman and Chief Executive Officer of BioMed, to welcome Pfizer to the unsurpassed Boston life science community. Featured speakers at the ceremony were Massachusetts Governor Deval Patrick, Boston Mayor Thomas M. Menino, Mikael Dolsten, Pfizer's Head of Research and Development Worldwide, Sally Susman, Pfizer's Executive Vice President, Policy, External Affairs & Communications, Jose Carlos Gutierrez-Ramos, Pfizer's Senior Vice President, BioTherapeutics R&D, and Eric Buehrens, Interim President and CEO of Beth Israel Deaconess Medical Center.
Commenting on the addition of Pfizer to the Longwood Medical Area, Boston Mayor Thomas M. Menino said, "Pfizer has chosen the perfect location for its new Center for Therapeutic Innovation. Boston is leading the life sciences revolution because of the collaboration that happens between our leading medical, academic and research institutions. The City is committed to supporting this industry because of the important role it plays in our society; and we couldn't be happier that Pfizer is joining such a great list of life sciences companies that call Longwood and Boston home."
The Center for Life Science | Boston is a 700,000+ square foot research center that includes laboratory and office space in the heart of the Longwood Medical Area, surrounded by world-class life science research institutions, hospitals and bio/pharma companies, including Harvard Medical School, Brigham and Women's Hospital, Dana-Farber Cancer Institute, and Merck Research Laboratories Boston. The building received Gold status certification by the Leadership in Energy and Environmental Design (LEED®) of the U.S. Green Building Council.
"Pfizer chose the Center for Life Science for its state-of-the-art lab space, close proximity to academic partners and access to the best and brightest minds in Boston," said Mr. Gutierrez-Ramos of Pfizer. "Its prime location in the Longwood Medical Area will allow us and our academic collaborators to interact seamlessly in multiple ways, including sharing facilities, equipment, laboratory space and experiment execution. We believe this is essential to efficient translation of leading–edge science into medicines that will positively impact patients' lives."
In welcoming Pfizer to the company's Center for Life Science | Boston, Mr. Gold of BioMed said, "We are honored to add Pfizer's Center for Therapeutic Innovation to our preeminent tenant roster at CLSB, the world's premier facility for life science research and collaboration. The Longwood Medical Area's unique approach to 'Bench to Bedside' medical discovery provides a great opportunity for networked collaborative partnerships between private industry and the Harvard-affiliated research institutions, as well as the ideal environment for Pfizer to continue setting the standard for quality, safety and value in the discovery, development and manufacturing of new medicines. We look forward to supporting Pfizer's quest to capture new opportunities in biomedical research and bring more innovative medicines to more patients more quickly."
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 87 properties, representing 148 buildings with approximately 12.3 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, 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: approval of the lease by lenders under the company's existing mortgage loan secured by the property; 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 ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; 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.