SAN DIEGO, Jan. 20 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of a new lease at the Center for Life Science | Boston with Kowa Company, Ltd., one of the largest privately owned companies in Japan. Kowa has agreed to lease the 17th floor, which provides approximately 24,400 square feet of laboratory and office space. As a result of this transaction, along with the recently announced lease expansion with Children's Hospital Boston, the Center for Life Science | Boston is now approximately 91% leased.
Founded in 1894, Kowa is ranked as Japan's fifth largest trading company and includes four operating divisions: Pharmaceutical, Electronics & Optics, Textile, and Non-Textile (General Merchandise).
"We are delighted to be part of the Center for Life Science | Boston, one of the pre-eminent research facilities in the world," said Yoshihiro Miwa, President and Chief Executive Officer of Kowa. "This state-of-the-art, high-rise laboratory building places Kowa in the center of the Longwood Medical Area of Boston, which we expect will enhance our collaborative research efforts in cardiovascular diseases with world-renowned medical research institutions."
Alan D. Gold, Chairman and Chief Executive Officer of BioMed, commented,
"We welcome Kowa to BioMed's premier tenant roster at the Center for Life Science | Boston. We are thrilled that a company of Kowa's stature has demonstrated the private sector's continued demand for high quality laboratory space in the Longwood Medical Area of Boston, the hub of research collaboration and technology transfer between the life science community and the
With the signing of the lease with Kowa, BioMed's three development properties are approximately 80% leased.
About the Center for Life Science | Boston
The Center for Life Science | Boston is a 700,000+ square foot research center that includes laboratory and office space in the heart of Boston's Longwood Medical Area surrounded by world-class life science research institutions, hospitals and bio/pharma companies, including
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 10.4 million rentable square feet, including approximately 1.4 million 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 http://www.biomedrealty.com.
About KOWA Company, Ltd.
Kowa Company, Ltd. started operations as a cotton wholesaler in Nagoya in 1894 and has currently grown into a multinational Japanese company comprised of approximately 50 affiliated companies. Kowa actively engages in a broad spectrum of businesses and products ranging from textile goods through machinery to building materials and chemical products. Kowa also manufactures and sells many innovative and valuable products including pharmaceutical and OTC products, consumer healthcare products, electro-optical apparatus and information and communication systems. In its pharmaceutical business, Kowa is responsible for sales and marketing of innovative drugs and focuses on promoting cardiovascular drugs, such as a treatment drug for hypercholesterolemia and hypertension through its owned subsidiary, Kowa Pharmaceutical Co. Ltd. In addition, Kowa has focused on lifestyle diseases (arteriosclerosis, kidney disorder and diabetes) as a main strategic therapeutic area for research and development. Kowa is also responsible for sales and marketing of OTC and consumer healthcare products through its other wholly owned subsidiary, Kowa Shinyaku Co. Ltd. Kowa has paid-in capital of 3,840 million yen, annual sales of 221.4 billion yen (Consolidated in FY2007), and a total of 4,432 worldwide employees as of the end of March 2008 (consolidated). For additional information, please see http://www.kowa.co.jp/.
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 and the use of debt to fund acquisitions and developments; 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.|
Copyright©2009 PR Newswire.
All rights reserved