BioMed Realty Trust, Inc. (NYSE: BMR) today announced that it has expanded its strategic real estate partnership with Isis Pharmaceuticals, Inc. BioMed extended its lease for Isis' current facility at Faraday Avenue in Carlsbad, California and added a lease for a new build-to-suit project, increasing the total leased space to approximately 204,700 square feet.
Under the terms of the new agreement, Isis will lease 100% of a new 176,000 square foot, state-of-the-art research facility to be constructed by BioMed at the Carlsbad Oaks North Business Park in Carlsbad. Upon completion of construction, Isis will lease the new building for a 20-year term and consolidate the majority of its operations in the new facility.
Concurrently, Isis extended to December 31, 2031 the lease for its approximately 28,700 square foot, recently upgraded manufacturing facility, which it currently occupies at BioMed's nearby Faraday Avenue property.
"We are a dynamic and innovative company and consolidating the majority of our operations into a single facility will foster our collaborative and unique approach to drug discovery and development," said Dr. Stanley T. Crooke, Chairman and Chief Executive Officer of Isis Pharmaceuticals. "Working closely with BioMed, we have been able to design a functional and efficient facility that will meet our needs for the near-term and for the future. In addition, the location of our new facility remains close to our manufacturing suites, which we recently upgraded to ensure we meet our commitment to support the initial commercial launch of mipomersen. As a real estate partner, BioMed offers tremendous technical expertise in the development, ownership and operation of research facilities and the financial strength and stability that we expect from our long-term real estate provider. These capabilities greatly enhance our efforts as we transition toward further development and commercialization of our product pipeline."
Commenting on the new leases with Isis, Alan D. Gold, Chairman and Chief Executive of BioMed, said, "We are both honored and excited to be able to support Isis Pharmaceuticals and their continued growth. Isis has been a valued tenant since 2005 and has been at the forefront in developing and expanding antisense drug discovery and technology. This build-to-suit transaction for Isis epitomizes our deep-rooted approach to developing strong, lasting relationships with our tenants by working closely with them to meet their continually evolving life science real estate needs."
BioMed Realty Trust, Inc.