Meanwhile, Pasadena-based Alexandria Real Estate Equitiesentered into 15-year lease last year with Eli Lilly and Co. for100,000 square feet as anchor tenant at the Pasadena-based REIT'sCenter for Life Science in New York City. The East Coast deals, ofcourse, are only part of the story for the two West Coast-basedREITs, both of which specialize in space for biomedical firms.BioMed Realty and Alexandria both executed deals throughout thecountry last year, as the two REITs reported recently in theirearnings highlights for 2009.

BioMed Realty increased total revenues 19.6% to $361.2 millionfrom $302.0 million in 2008 and generated FFO for the year of$155.5 million, or $1.64 per diluted share, compared to $132.5million, or $1.76 per diluted share, in 2008. The company last yearcompleted the 361,000 square foot corporate headquarters andresearch facilities at the Landmark at Eastview campus in Tarrytownfor Regeneron Pharmaceuticals Inc., including a 230,000-square-footbuild-to-suit and 131,000 square feet of newly developed laboratoryand office space subsequently leased to Regeneron.

Alan D. Gold, BioMed's chairman and CEO, noted in the company'srecent earnings conference call that, "Powerful long-term demanddrivers for the life science industry continue to fuel drugresearch and development efforts throughout the seven core(geographic) life science markets which, in turn, attract capitalused to fund mission-critical laboratory space." Despite what Goldtermed "macro-economic headwinds," BioMed leased more than 1.5million square feet of laboratory and office space in 2009 anddelivered over one million square feet of space from itsdevelopment pipeline, which was collectively 91% leased atyear-end.