SAN DIEGO, May 1 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today that it has entered into a new 15-year lease with Regeneron Pharmaceuticals, Inc. encompassing approximately 80,000 square feet at the Landmark at Eastview campus in Tarrytown, New York, which was previously leased to Emisphere Technologies, Inc.
Commenting on Regeneron's lease expansion, Alan D. Gold, BioMed's Chairman and Chief Executive Officer, said, "BioMed has supported Regeneron's tremendous growth and success as a biopharmaceutical company through the redevelopment and new construction of world-class office and laboratory space to accommodate their scientific research, clinical development, and preclinical manufacturing activities. We are very pleased that our long-standing partnership with Regeneron continues to expand to meet their dynamic needs as a premier life science company."
According to Murray Goldberg, Chief Financial Officer of Regeneron, "The lease expansion reinforces the very successful partnership that Regeneron and BioMed have forged. BioMed's broad capabilities, creativity and flexibility, combined with their commitment to providing world-class research laboratories, have allowed us to secure the facilities needed to support our growth and achieve our goal to continue to develop and commercialize medicines for the treatment of serious medical conditions."
In conjunction with the Regeneron expansion, BioMed terminated its previous lease with Emisphere Technologies, Inc. which was previously scheduled to expire in 2012. BioMed also released Regeneron from a previous lease obligation elsewhere on the campus, resulting in a net expansion of approximately 41,000 square feet for Regeneron.
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(R). 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 Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.5 million rentable square feet, including approximately 735,000 square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 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.
About Regeneron Pharmaceuticals
Regeneron is a fully integrated biopharmaceutical company that discovers, develops, and commercializes medicines for the treatment of serious medical conditions. In addition to ARCALYST(R) (rilonacept) Injection for Subcutaneous Use, its first commercialized product, Regeneron has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, inflammatory diseases, and pain, and has preclinical programs in other diseases and disorders. Additional information about Regeneron and recent news releases are available on Regeneron's web site at www.regeneron.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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