{"id":1004028038,"date":"2011-03-25T06:08:22","date_gmt":"2011-03-25T14:08:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004028038"},"modified":"2022-12-07T18:45:27","modified_gmt":"2022-12-08T02:45:27","slug":"biomed-realty-prices-400m-public-offering","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/biomed-realty-prices-400m-public-offering\/","title":{"rendered":"BioMed Realty Prices $400M Public Offering"},"content":{"rendered":"

March 24, 2011
\nBy Barbra Murray, Contributing Editor<\/p>\n

\"\"<\/a><\/p>\n

BioMed Realty L.P., the operating partnership subsidiary of life sciences real estate REIT BioMed Realty Trust Inc., has priced a public offering of $400 million of Senior Notes that will bear interest at an annual rate of 3.85 percent.<\/p>\n

The Senior Notes, due 2016 and priced at 99.365 percent of the principal amount to yield 3.99 percent to maturity, will be senior unsecured obligations of BioMed Realty L.P.; parent company BioMed Realty Trust will guarantee the notes. Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.’s $720 million unsecured line of credit. As of the close of 2010, the outstanding debt totaled $392 million. <\/p>\n

BioMed Realty Trust’s total revenue reached $386.4 million in 2010, marking a 7 percent increase from 2009. Successful leasing activity had a little something to do with it. During the fourth quarter alone, the company facilitated 13 lease transactions involving an aggregate 329,000 square feet. And 2011 is looking good so far. A spokesman for BioMed Realty–which has a 12.2 million square-foot portfolio spanning the nation’s top life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York\/New Jersey–told CPE that demand continues to be strong in virtually all of its markets.<\/p>\n

In January, pharmaceutical firm Bionovo Inc. entered into a 10-year lease agreement with BioMed Realty for 51,500 square feet at Bridgeview Technology Park in Hayward, Calif., in San Francisco’s East Bay technology corridor. And in February, Harvard University signed a new 10-year lease for an additional 31,500 square feet at the Center for Life Science | Boston (pictured) for the Hansjorg Wyss Institute for Biologically Inspired Engineering at Harvard University. The transactions, the spokesman said, are indicative of a strong market life sciences market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.’s $720 million unsecured line of credit. As of the close of 2010, the outstanding debt totaled $392 million. <\/p>\n","protected":false},"author":936,"featured_media":1004028039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742],"tags":[],"class_list":["post-1004028038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest"],"acf":[],"yoast_head":"\nBioMed Realty Prices $400M Public Offering - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-prices-400m-public-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BioMed Realty Prices $400M Public Offering\" \/>\n<meta property=\"og:description\" content=\"Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.'s $720 million unsecured line of credit. 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