BioMed Realty Announces 93,000 Square Foot Lease Expansion and Extension With Ironwood Pharmaceuticals at 301 Binney Street
Published: Nov 01, 2012
SAN DIEGO, Oct. 31, 2012 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced the signing of an amendment to the lease with Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) at its 301 Binney Street facility in Cambridge, Massachusetts. As a result of this lease extension and phased expansion totaling approximately 93,000 square feet, Ironwood's occupancy in the five-story, state-of-the-art facility will increase to approximately 303,000 square feet. The term of the lease now extends through January 31, 2018.
Commenting on the lease amendment with Ironwood, Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, "We are delighted to expand and extend our partnership with Ironwood Pharmaceuticals and continue supporting their ongoing efforts to discover, develop and commercialize medicines. With this second significant expansion of its footprint at 301 Binney within the past three years, Ironwood continues to manage its growth in a prudent, measured fashion in the heart of Cambridge, the leading global life science center."
With this latest lease expansion and extension for Ironwood, BioMed Realty has leased approximately 600,000 square feet of laboratory and office space in the Cambridge-Boston market within the past 24 months.
About BioMed Realty Trust
BioMed Realty 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 13.1 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Francisco, San Diego, Maryland, 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: 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 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.