SAN DIEGO, May 18 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. today announced that it broke ground on the expansion at its Towne Centre Drive campus in San Diego, California. Illumina will lease 100% of the new 84,000 square foot facility to accommodate their continued growth and expansion in San Diego.
BioMed Realty Trust was joined yesterday by San Diego Mayor Jerry Sanders, BIOCOM President and CEO Joe Panetta, and the employees of Illumina for a groundbreaking ceremony at the campus. The new facility will add to BioMed's existing 110,000 square foot laboratory and office space lease with Illumina, bringing the total size of Illumina's presence to 194,000 square feet in the University Towne Centre submarket of San Diego. BioMed expects to complete construction in the third quarter of 2008.
Commenting on the event, San Diego Mayor Jerry Sanders said, "Today's construction milestone is exciting for Illumina, BioMed Realty Trust and the people of San Diego. The commitment that Illumina has made here is a testament to the health and vitality of the life science industry in our community and will provide employment opportunities for many skilled workers in this area for years to come."
"To have such an exciting and dynamic company like Illumina choose BioMed as their real estate provider is truly an honor. Illumina is a first class organization from the very top down. Our ability to accommodate Illumina's expansion on this site further reinforces BioMed's mission of being the leading provider of real estate to the life science industry," said Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.
Designed by the architectural firm of Ferguson Pape Baldwin of San Diego, the facility is being constructed by Reno Contracting, Inc. of San Diego.
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(TM). 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 Realty Trust owns or has interests in 68 properties, representing 103 buildings with approximately 8.6 million rentable square feet, as well as approximately 1.6 million square feet of development in progress. These properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, 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 BioMed Realty Trust's target markets; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; 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 BioMed Realty Trust 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.
BioMed Realty Trust, Inc.CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,Inc., +1-858-485-9840
Web site: http://www.biomedrealty.com/
