BioMed Realty Trust continues expansion program with acquisitions in Boston area

SAN DIEGO, April 6, 2005 (PRIMEZONE) — BioMed Realty Trust, Inc. announced it has acquired two properties in the Boston area, and a third in Pennsylvania for a combined value of approximately $44.5 million, representing the company’s initial entry into the Massachusetts life science market and an expansion in Pennsylvania.

The acquisitions increase the company’s real estate portfolio to 22 properties, representing 44 buildings with approximately 3.0 million rentable square feet.

Fresh Pond Research Park, located in Cambridge, Massachusetts, is a multi-tenant facility consisting of six buildings containing approximately 90,700 rentable square feet of office, laboratory and warehouse space. The primary tenant is Curis, Inc., a therapeutic drug development company focused on products that modulate key regulatory pathways that control the repair and regeneration of human tissues and organs. The property was purchased for approximately $20.7 million in cash.

The second property acquired by BioMed Realty in the Boston area is located on Coolidge Avenue in Watertown, Massachusetts, just east of Cambridge. The property contains approximately 37,400 rentable square feet of office and laboratory space and is 100 percent leased to Vitex, a company engaged in the discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. The property was purchased for approximately $10.8 million in cash.

The acquisition of a property located on Phoenixville Pike in Malvern, Pennsylvania represents the company’s third property in the State. It contains one building with approximately 104,400 rentable square feet of office and laboratory space. The primary tenant is Cephalon, Inc., a biopharmaceutical company dedicated to the discovery, development and marketing of innovative products to treat sleep and neurological disorders, cancer and pain. The property was approximately 57 percent leased at acquisition and is in the process of being converted into a multi-tenant laboratory facility. The property was acquired for approximately $13.0 million in cash.

“Our entry into the Boston area, the second largest life science real estate market in the United States, continues the acquisition momentum of the first quarter. It is also an important milestone for the company, and we look forward to additional opportunities in this market, as well as in other key life science regions in the country,” said Alan D. Gold, president and chief executive officer of BioMed Realty Trust.


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