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Alexandria Real Estate Equities has leased about 427K SF at its Alexandria Point complex in San Diego to global pharmaceutical company Bristol Myers Squibb, the real estate investment trust announced Wednesday.
The long-term lease for the R&D facility is the second-largest life sciences lease in Alexandria's history, according to the Pasadena-based company.
"Having a single campus will accelerate collaboration amongst our company's research teams and will foster a flexible working ecosystem to further BMS's mission to advance medicines for patients who need them most," Bristol Myers Squibb Executive Vice President of Research and Early Development Rupert Vessey said in a statement.
When complete, Alexandria Point will provide more than 2M SF of mission-critical laboratory and office space, as well as over 100K SF of amenities, including an event lawn, conferencing center, gym and rooftop deck. Though the announcement did not include a construction timeline, in its Q4 earnings call, Alexandria included the project in a list of “near-term projects expected to commence construction in the next six quarters.”
The property is in the University Town Center submarket, a hub for life sciences development. Nearby, Alexandria is planning to redevelop a retail center it purchased for $125M earlier this year as a life sciences megacampus.
Alexandria has about 13M SF of assets in operation, under development and under construction in San Diego.
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