SAN DIEGO, July 24, 2014 /PRNewswire/ -- BioMed Realty
Trust, Inc. (NYSE: BMR) today announced that Bristol-Myers Squibb
(NYSE: BMY) has signed a ten-year lease for approximately
61,000 square feet of additional laboratory and office space at the
company's Woodside Technology Park life science campus in
Redwood City, California. The
Redwood City campus will serve as
Bristol-Myers Squibb's hub for discovering pioneering cancer
therapies in the emerging field of immunotherapy.
With this lease, Bristol-Myers Squibb will fully occupy two of
the three buildings at the campus totaling 194,100 square feet as
the company continues to further strengthen its presence in the Bay
Area, and will provide additional capacity to conduct biologics
drug discovery research at Woodside Technology Park.
Currently, Bristol-Myers Squibb is leasing the entire 700 Bay Road
building on the campus comprising approximately 133,100 square
feet. In addition to expanding Bristol-Myers' footprint at Woodside
Technology Park, the companies agreed to extend the term of the
lease on the 700 Bay Road building, previously expiring in
December 2022, by an additional 30
months.
Alan D. Gold, BioMed Realty's
Chairman and Chief Executive Officer, commented, "We are proud to
be expanding and extending our valued relationship with
Bristol-Myers Squibb, truly a giant in the life science industry.
By listening to what the company needed, our Bay Area team was able
to deliver a creative solution to meet Bristol-Myers Squibb's
growing real estate needs that will enable them to focus on their
research and development of new products and therapies to meet the
needs of those suffering from serious diseases."
The Woodside Technology Park has three laboratory and office
buildings which encompass approximately 256,000 square feet in the
heart of the Bay Area's Peninsula life science and high-tech
communities.
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable
relationships, delivers optimal real estate solutions for
biotechnology and pharmaceutical companies, scientific research
institutions, government agencies and other entities involved in
the life science industry. BioMed Realty owns or has interests in
properties comprising approximately 17.2 million rentable square
feet. Additional information is available at
www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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, developments and
other investments, 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 tax credits, grants and other
subsidies to fund development activities; risks associated with
downturns in foreign, domestic and local economies, changes in
interest rates and foreign currency exchange rates, and volatility
in the securities markets; ownership of properties outside of
the United States that subject the
company to different and potentially greater risks than those
associated with the company's domestic operations; risks associated
with the company's investments in loans, including borrower
defaults and potential principal losses; 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.