Iconic Pharma Firm Leases Iconic Complex Near San Diego
An iconic, global biopharmaceutical company – Bristol Myers Squibb (BMS) – has chosen to locate its newest core research-and-development facility near the center of University Town Center (UTC), a submarket of San Diego, according to a news release.
Alexandria Real Estate Equities, Inc., an urban office REIT, also known for its legacy work in life science, ag-tech and technology campuses, has executed a long-term lease for the development of the new BMS facility.
The iconic BMS has chosen an iconic, 427,000-square-foot building at Alexandria Point. Additionally, and per the release:
This historic milestone lease marks the second-largest life science lease in Alexandria’s history and further enhances its long-term strategic relationship with BMS. Since 1998, Alexandria has strategically partnered with BMS to empower its growth and expansion in the most innovative life science cluster locations across the country, aggregating over 900,000 RSF across five of Alexandria’s cluster markets, San Diego, Greater Boston, the San Francisco Bay Area, New York City and Seattle.
This recent lease deal adds to the San Diego DMA’s profile of life science technology, talent and property. In addition, Alexandria’s asset base in the San Diego cluster market approximates 13 million RSF (which includes properties in operation or under construction, as well as projects under near-term, intermediate-term or future development and redevelopment as of December 31, 2021).
“BMS looks forward to bringing our teams across San Diego to work together at our new innovative research hub,” said Rupert Vessey, executive vice president, Research and Early Development of Bristol Myers Squibb.