BioMed Realty Expands Relationship With Genomic Research Pioneer J. Craig Venter
Human Longevity and Synthetic Genomics Lease 125,300 Square Feet at 4570 Executive Drive
SAN DIEGO, April 2, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. BMR 0.00% today announced two expanding genomic research organizations co-founded by J. Craig Venter will fully occupy the 4570 Executive Drive property in University Towne Centre in San Diego, California.
Synthetic Genomics Inc. (SGI) will lease approximately 69,700 square feet at BioMed Realty's 4570 Executive Drive facility to develop and commercialize breakthrough genomic-driven solutions for major global issues. Human Longevity Inc. (HLI), which is building and commercializing a comprehensive database of human genotypes and phenotypes to develop treatments for aging-related diseases and biological decline, will occupy approximately 55,600 square feet at the 4570 Executive Drive building. In addition, HLI will continue to lease approximately 22,200 square feet at The Research Park at Torrey Pines, located at 10385 Road to the Cure in San Diego, California.
The J. Craig Venter Institute (JCVI) also leases approximately 122,600 square feet at the company's 9704 Medical Center Drive property in Rockville, Maryland. In aggregate, companies affiliated with J. Craig Venter lease more than 270,000 square feet from BioMed Realty across the United States.
"We are very pleased to be extending our relationship with BioMed Realty and to expand into two properties which offer modern, flexible, amenity-rich facilities in the heart of the San Diego life science community," said J. Craig Venter, Ph.D., Co-Founder of HLI and SGI, and Founder of JCVI. "BioMed Realty continues to be an important partner for us and our laboratory space needs in Maryland and California. Their commitment to deliver and operate laboratory and office space which supports genomic-focused research, as well as to anticipate our needs and offer creative real estate solutions, is unparalleled."
Commenting on the new leases, Alan Gold, BioMed Realty's Chairman and Chief Executive Officer, remarked, "We are excited to grow our valuable, long-term relationship with Craig Venter by forging new partnerships with Human Longevity and Synthetic Genomics as they expand their pioneering genomic research in San Diego. Both companies exemplify the essential value of pursuing transformational research, which holds the promise to positively change society in a number of important ways, including development and commercialization of treatments and therapies which lengthen and improve the quality of life. We look forward to supporting their groundbreaking science in San Diego for a long time."
Concurrent with the transaction, BioMed Realty terminated its lease at 4570 Executive Drive with Bristol-Myers Squibb Company, which was previously scheduled to expire in phases from 2015 to 2018. As a result of these new leases, both The Research Park at Torrey Pines and 4750 Executive Drive are now 100 percent leased.
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 16.3 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.
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