Meanwhile, Pasadena-based Alexandria Real Estate Equities entered into 15-year lease last year with Eli Lilly and Co. for 100,000 square feet as anchor tenant at the Pasadena-based REIT's Center for Life Science in New York City. The East Coast deals, of course, are only part of the story for the two West Coast-based REITs, both of which specialize in space for biomedical firms. BioMed Realty and Alexandria both executed deals throughout the country last year, as the two REITs reported recently in their earnings highlights for 2009.

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

Alan D. Gold, BioMed's chairman and CEO, noted in the company's recent earnings conference call that, "Powerful long-term demand drivers for the life science industry continue to fuel drug research and development efforts throughout the seven core (geographic) life science markets which, in turn, attract capital used to fund mission-critical laboratory space." Despite what Gold termed "macro-economic headwinds," BioMed leased more than 1.5 million square feet of laboratory and office space in 2009 and delivered over one million square feet of space from its development pipeline, which was collectively 91% leased at year-end.

At Alexandria, the company reported 2009 funds from operations per share of $5.52 and earnings per share of $2.72. The REIT executed 142 Leases for 1.8 million square feet and noted an increase of 3.5% on rates for renewed or re-leased space. In addition to the Lilly Lease, highlights that Alexandria reported included completion of its ground-up d of a property at Mission Bay in San Francisco where it signed a lease for 102,000 square feet with Pfizer Inc. The company also completed redevelopments of spaces at 10 other properties totaling 227,000 square feet.