BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it has entered into definitive agreements to acquire five properties, comprised of 14 life science buildings with approximately 405,000 square feet of laboratory and office space, in San Diego's primary life science submarkets of University Towne Centre, Torrey Pines and Sorrento Valley. The properties are approximately 92% leased on a weighted average basis to a high-quality, diversified tenant roster, which includes Amylin Pharmaceuticals, Inc., Bristol-Myers Squibb Company, the University of California at San Diego, eBioscience, Inc. and Halozyme Therapeutics, Inc. These acquisitions would increase BioMed's San Diego portfolio to approximately 1.8 million rentable square feet.
The properties to be acquired include 4570 Executive Drive in University Towne Centre; 10240 Science Center Drive in Torrey Pines; and 11388 Sorrento Valley Road, 11404 and 11408 Sorrento Valley Road and a nine-building business park located between Roselle Street and Flintkote Avenue in Sorrento Valley. The aggregate purchase price for the five properties is approximately $132.9 million, excluding closing costs, with an estimated aggregate cash-basis 2011 net operating income of approximately $10.2 million. These acquisitions are subject to the satisfaction of customary closing conditions, and BioMed can offer no assurances that any of the acquisitions will close on the terms described herein, or at all.