CAMBRIDGE, Mass., Sept. 29, 2014 -- BioMed Realty Trust, Inc. announced today the signing of a new lease for approximately 200,000 square feet for 12 years with Baxter Healthcare Corporation, a subsidiary of Baxter International Inc., at 650 East Kendall Street in Cambridge, Massachusetts, which is owned by BioMed Realty through a joint venture with Prudential Real Estate Investors. Baxter will be establishing a new global innovation and research and development (R&D) center at the site for its biopharmaceuticals business, which is expected to become a separate, independent global company known as Baxalta Incorporated in mid-2015.
The 650 East Kendall building is a 282,000 square foot life science facility that is supported by six levels of below-grade parking. Located in close proximity to the campuses of M.I.T. and Harvard, and designed by famed architect Paul Zejfen, the building features a spacious atrium with stairs connecting its six floors of laboratory and office space, interior balconies and exterior terraces, creating an environment that facilitates the collaboration of employees and researchers. The building received Gold status certification by the Leadership in Energy and Environmental Design (LEED®) of the U.S. Green Building Council.
Alan D. Gold, BioMed Realty's Chairman and Chief Executive Officer, commented, "We are very proud to welcome Baxter to Kendall Square and our 650 East Kendall building. Baxter is a global healthcare leader with an amazing track record of scientific achievement, commercialization and corporate responsibility. By forging this long-term connection with Baxter in Cambridge, we have the opportunity to support their technological expertise and scientific innovation for many years to come, and we look forward to providing the best environment for their business and employees to continue their great work."
"We are honored that Baxter has chosen 650 East Kendall Street to be its flagship location in Cambridge," remarked William Kane, BioMed Realty's Vice President of Leasing & Development. "The building is supremely well-located in an architecturally and culturally diverse environment that is unique to Kendall Square. Along with its flexible, intelligent design, which incorporates the best practices in building infrastructure and operations, the location of 650 East Kendall Street offers Baxter's employees immediate access to the distinctive surrounding amenities, including kayaking on the Charles River and a weekly farmers' market in the summer, ice skating in the winter, and year-long access to a wide variety of retail restaurants and shops. In short, it is a world-class facility for a world-class company."
Concurrently, BioMed Realty executed a lease termination with an existing tenant in the building. As a result of these transactions, 650 East Kendall is now 100% leased.
About BioMed Realty TrustBioMed 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: adverse economic or real estate developments in the life science industry or the company's target markets, including with respect to 650 East Kendall Street in Cambridge, Massachusetts; and 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). 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.