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BioMed Realty And Bristol-Myers Squibb Sign Lease To Expand Relationship To 194,100 Square Feet At Woodside Technology Park In Redwood City, California

Stocks in this article: BMR BMY

SAN DIEGO, July 24, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced that Bristol-Myers Squibb (NYSE: BMY) has signed a ten-year lease for  approximately 61,000 square feet of additional laboratory and office space at the company's Woodside Technology Park life science campus in Redwood City, California. The Redwood City campus will serve as Bristol-Myers Squibb's hub for discovering pioneering cancer therapies in the emerging field of immunotherapy.

With this lease, Bristol-Myers Squibb will fully occupy two of the three buildings at the campus totaling 194,100 square feet as the company continues to further strengthen its presence in the Bay Area, and will provide additional capacity to conduct biologics drug discovery research at Woodside Technology Park.  Currently, Bristol-Myers Squibb is leasing the entire 700 Bay Road building on the campus comprising approximately 133,100 square feet. In addition to expanding Bristol-Myers' footprint at Woodside Technology Park, the companies agreed to extend the term of the lease on the 700 Bay Road building, previously expiring in December 2022, by an additional 30 months.

Alan D. Gold, BioMed Realty's Chairman and Chief Executive Officer, commented, "We are proud to be expanding and extending our valued relationship with Bristol-Myers Squibb, truly a giant in the life science industry. By listening to what the company needed, our Bay Area team was able to deliver a creative solution to meet Bristol-Myers Squibb's growing real estate needs that will enable them to focus on their research and development of new products and therapies to meet the needs of those suffering from serious diseases."

The Woodside Technology Park has three laboratory and office buildings which encompass approximately 256,000 square feet in the heart of the Bay Area's Peninsula life science and high-tech communities.

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