BioMed Realty Signs Tenant Bristol-Myers to Additional Space and Lease ExtensionFriday, July 25, 2014
Bristol-Myers Squibb has signed a 10-year lease with San Diego-based BioMed Realty Trust Inc. for about 61,000 square feet of additional laboratory and office space at BioMed’s Woodside Technology Park, a life science industry campus in Redwood City.
The Redwood City campus will serve as Bristol-Myers Squibb’s hub for discovering cancer therapies in the emerging field of immunotherapy, according to BioMed Realty (NYSE: BMR).
BioMed Realty focuses on real estate services for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry.
With the new lease, Bristol-Myers Squibb (NYSE: BMY) will fully occupy two of the three buildings at Woodside Technology Park totaling 194,100 square feet, and the lease will provide additional capacity to conduct biologics drug research there. Currently, Bristol-Myers Squibb is leasing an entire building — roughly 133,100 square feet — on the campus.
Besides expanding Bristol-Myers’ footprint at Woodside Technology Park, the companies agreed to extend by 30 months the term of the lease for the other building that the tenant occupies. That lease had been set to expire in December 2022.
BioMed Realty’s Woodside Technology Park has three laboratory and office buildings that encompass roughly 256,000 square feet in the Bay Area’s Peninsula life science and high-tech communities.