Leasing Velocity Underscores Increasing Demand for Biotech Real Estate Solutions
San Francisco – January 20, 2016: BioMed Realty Trust, Inc. announced today 425,000 square feet in newly leased space in the Bay Area life science real estate market. Leading biotech companies have signed on, including Bristol-Myers Squibb, Natera, Novartis, Intarcia Therapeutics and Kaneka. For all of 2015, BioMed Realty generated more than 900,000 square feet of gross leasing throughout the Bay Area.
Bristol-Myers Squibb is now leasing 255,650 square feet at the company’s Woodside Technology Park campus in Redwood City, as the result of a 61,000-square-foot expansion of its existing 195,000 square feet at the property in the heart of the Peninsula life science innovation market. Adding to the leasing activity on the Peninsula were two new leases signed at BioMed Realty’s 201 Industrial Road in San Carlos: Novartis for 40,698 square feet and Natera leasing 88,392 square feet. Other new leases in the Bay Area include Intarcia, leasing 24,437 square feet at Bridgeview Technology Park in Hayward, and Kaneka, leasing 16,253 square feet at the Pacific Research Center. The Pacific Research Center is a 1.4 million-square-foot life science campus in Newark, which is now 88 percent leased.
BioMed Realty’s sustained success in lease expansions and extensions are fueled by the growing demand for specialized real estate solutions throughout the Bay Area life science communities.
“The Bay Area is reaching new heights in life science,” said Scott Altick, vice president and San Francisco lead for BioMed Realty. “The pace at which leases are being secured speaks directly to the importance of biotech in the area now and in the future. We are excited to continue providing optimal environments for our tenants to attract top talent and support their groundbreaking scientific innovation as they expand their research, development and commercialization capabilities.”
As testimony to the enduring vitality of the Bay Area life science industry, BioMed Realty is currently tracking 42 lab/office requirements, translating to more than three million square feet in demand. Estimated market vacancy for lab space remains in the low to mid-single digit range across the Bay Area.
About BioMed Realty Trust
BioMed Realty invests in the highest quality institutional real estate to meet the needs of the growing demand across the life science industry. The company owns or has interests in properties comprising approximately 18.9 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.