BioMed Scores Major Leases on 2 Coasts
- Apr 06, 2015
Stanford Health Care has signed a 104-month, 138,000 square-foot lease at BioMed Realty Trust, Inc.’s Pacific Research Center in Newark, Calif.
“Our strategy is based on building long-term relationships with our tenants, and we look forward to working hard to build a strong relationship with one of the most important health organizations in California, Stanford Health Care,” Jim Cullinan, BioMed Realty Trust’s vice president of marketing, told Commercial Property Executive.
BioMed Realty also recently signed Advanced Cell Diagnostics to an eight-year, 35,000-square-foot lease at PRC and Biogen to a 10-year, 80,000-square-foot lease of Class A laboratory and office space at the company’s 301 Binney St. property in Cambridge, Mass.
“The lease with Biogen is very important in several ways,” Cullinan said. “We are providing Class A lab and office space so that one of the most innovative and exciting life science companies can continue their important research and development. Also, we are able to report that this lease means that our 301 Binney Street property is completely full which reflects the growing demand for high quality space in Cambridge.”
According to Cullinan, BioMed believes that the demand for life science real estate will only grow as the industry continues to thrive.
“Unlike other sectors, the demand for new drugs or medical solutions will never burst because curing cancer isn’t something like MySpace that became old technology within a couple years,” he added. “We are seeing strong demand especially for lab space, which requires special expertise to know how to build and service. We feel good about out business.”
A 2015 report by Deloitte revealed aging populations, chronic/lifestyle diseases, emerging-market expansion, and treatment and technology advances are expected to spur life sciences sector growth this year.
In the report, Homi Kapadia, Deloitte L.L.P.’s Life Sciences leader & vice chairman, said growth in the life sciences sector—comprised of the pharmaceutical, biotechnology, and medical technology segments—is closely tied to economic and demographic drivers that fuel a continual transformation of the broader healthcare industry.
“Life sciences companies have demonstrated their ability to survive and thrive amidst recent periods of economic recession, healthcare spending cutbacks, geographic market swings, and changing population profiles,” he concluded. “If history is any indication, 2015 will again test the sector’s ability to adapt in an era of transformation.”