SAN DIEGO, May 8, 2014 /PRNewswire/ -- BioMed Realty
Trust, Inc. (NYSE: BMR) today announced the signing of a new
long-term lease with Intertek USA,
Inc., a division of Intertek Group plc (LSE: ITRK), for 46,142
square feet at the company's Wateridge Summit property in
San Diego, California.
Intertek Pharmaceutical Services, a division of Intertek
USA, provides pharmaceutical
development and manufacturing support services and will fully
occupy the 10420 Wateridge Circle building for its pharmaceutical
services immunochemistry laboratory. The term of the new lease with
Intertek is approximately eleven years.
Chetan Parmar, Vice President of
Life Science for Intertek Pharmaceutical Services, remarked,
"Wateridge Summit is the ideal location for us to expand our
immunochemistry facilities because of its state-of-the-art research
facilities centrally located within the San Diego research community. We are
especially pleased to have a dedicated real estate partner in
BioMed Realty which has demonstrated its understanding of our needs
and its skill in delivering solutions that best fit our company and
science."
Acquired by BioMed Realty in November
2011, the three buildings which comprise Wateridge Summit
encompass approximately 106,500 square feet of laboratory and
office space in the heart of the Sorrento Mesa life science and
high-tech communities. Intertek joins Inovio Pharmaceuticals, Inc.
and Genalyte, Inc., which have signed long-term leases for the
other two buildings within the past 13 months at Wateridge Summit.
The property is now approximately 96% leased.
"We are very pleased to welcome Intertek Pharmaceutical Services
to Wateridge Summit. The leasing success at our Wateridge
Summit facilities in such short order is a testament to the
expertise and strong relationships of our San Diego team, but it also reflects the
strength of the biotechnology market in San Diego which continues to innovate, invest
capital and grow," said Alan Gold,
Chairman and CEO of BioMed Realty. "We look forward to serving the
real estate needs of Chetan's team in Sorrento Mesa to propel their
research forward."
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 17.3 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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SOURCE BioMed Realty Trust, Inc.
