BioMed Realty To Lease 204,900 Square Feet To Life Technologies At The Science Center at Oyster Point In South San Francisco

SAN DIEGO, March 20, 2013 — BioMed Realty Trust, Inc. announced today the signing of two new leases for 15 years with Life Technologies Corporation at its Science Center at Oyster Point property in the heart of the South San Francisco, California life science submarket. Life Technologies, a global biotechnology company, will fully occupy 200 and 180 Oyster Point Boulevard, comprising approximately 204,900 square feet of laboratory and office space.

[contextly_sidebar id=”a44bf09c4904cee2fe154ce111084318″]Concurrently, the company also announced that it has reached agreement with Elan Corporation, the current tenant at The Science Center at Oyster Point, on an early lease termination at The Science Center at Oyster Point which will be effective simultaneously with the Life Technologies leases. Pursuant to the agreement, Elan will pay BioMed Realty an early lease termination fee of $46.5 million.

Commenting on the new relationship with Life Technologies, BioMed Realty’s Chairman and Chief Executive Officer, Alan D. Gold , remarked, “We are delighted to have the opportunity to serve the real estate needs of Life Technologies, a pioneer and worldwide leader in biotechnology, in the Bay Area. Their Polymerase Chain Reaction (PCR) technology was foundational to mapping the human genome and their recent introduction of the Ion Torrent semiconductor sequencing technology promises to revolutionize genetic sequencing for scientists involved in every stage of discovery research. They were recently ranked in the top ten on the list of the World’s 50 Most Innovative Companies by Fast Company magazine, and we look forward to supporting their growth and innovation for years to come.”

In addition, BioMed Realty announced that it acquired The Campus at Lincoln Centre in Foster City, California from Life Technologies for approximately $37.0 million, excluding closing costs.  BioMed Realty intends to redevelop the 19-acre site, currently encompassing seven buildings and approximately 280,000 square feet, which may be significantly expanded through the redevelopment process.

According to Kent Griffin , President of BioMed Realty, “The redevelopment of The Campus at Lincoln Centre provides the opportunity to expand our footprint and presence on the peninsula in the San Francisco Bay area to deliver an optimal environment for life science organizations and long-term value for our stockholders.”

As a result solely of the early lease termination income and the related charge-off of accrued straight-line rents and lease intangibles from the Elan lease, the company’s 2013 net income and funds from operations (FFO) available to common shares are expected to increase approximately $22 million and $35 million, respectively.  Approximately 60% of these amounts are expected to be recognized in the first quarter of 2013, with the balance expected to be recognized in the second quarter of 2013.

FFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies.  A complete reconciliation containing adjustments from GAAP net income available to common stockholders to FFO for 2012 and definitions of terms are included in BioMed Realty’s earnings release issued onFebruary 5, 2013 and available in the Investor Relations section of the company’s website at www.biomedrealty.com.

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 13.2 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 andSeattle, which have well-established reputations as centers for scientific research.  Additional information is available at www.biomedrealty.com.

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