SAN DIEGO, Feb. 6, 2012 /PRNewswire/ -- BioMed Realty Trust,
Inc. (NYSE: BMR) today announced that it has entered into a
definitive agreement to acquire Cambridge Place, comprising three
buildings and a total of approximately 287,000 square feet of space
in Cambridge, Massachusetts. In
aggregate, the property is approximately 80% leased, principally to
CDM Smith, Inc., a full-service engineering and construction firm,
and Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX), a
biopharmaceutical company engaged in the discovery and development
of drugs for the treatment of human viral and other infectious
diseases.
Commenting on BioMed Realty's latest investment in the
Cambridge market, Alan D. Gold, Chairman and Chief Executive
Officer, said, "We are very excited about the acquisition of
Cambridge Place, which expands our portfolio and our ability to
meet the need for life science space in Cambridge, the preeminent life science market
in the world. Similar to our recent investments in Ardsley Park in
New York and Research Boulevard in
Maryland, the addition of
Cambridge Place to our portfolio provides a compelling value
creation opportunity through our superior lease execution and
property operating expertise."
The purchase price for the property is approximately
$119.0 million, excluding closing
costs. The acquisition is subject to the satisfaction of customary
closing conditions, and BioMed Realty can offer no assurances that
the acquisition will close on the terms described herein, or at
all.
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 properties comprising
approximately 12.4 million rentable square feet. The company's
properties are located predominantly in the major U.S. life science
markets of Boston, San Francisco, Maryland, San
Diego, 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: the possibility that the company's
acquisition of Cambridge Place may not occur on the terms described
herein, or at all; failure to manage effectively the company's
growth and expansion into new markets, or to complete or integrate
acquisitions and developments successfully, including the proposed
acquisition of Cambridge Place; the company's ability to meet
projected yields on acquired properties, including Cambridge Place;
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; reductions in asset valuations and
related impairment charges; 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; 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.