July 25, 2006 > BioMed Realty Trust completes acquisitions of Sun Microsystems Newark Campus
BioMed Realty Trust completes acquisitions of Sun Microsystems Newark Campus
San Diego (PRNewswire), July 13 _BioMed Realty Trust, Inc. (NYSE:BMR) announced that it has completed the previously announced acquisition of the Sun Microsystems, Inc. (NASDAQ:SUNW) campus located in Newark, California, which will be renamed the Pacific Research Center.
The property includes ten buildings comprising a total of approximately 1.4 million square feet of primarily office space, as well as undeveloped land. The total purchase price was approximately $214 million, excluding closing costs. Sun Microsystems will lease the campus pursuant to ten leases that conclude in phases over an 18-month period and are cancelable at the tenant's option with 90 days notice.
"We are pleased to have completed this acquisition, and are very excited about the leasing opportunities we will be able to offer at the Pacific Research Center. Given the limited availability of large contiguous spaces in the San Francisco Bay area and the versatility of the campus, this project can provide an ideal leasing solution for a variety of tenants, including life science, research and development, and other high technology companies," said Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.