BioMed Realty Announces First Major Tenant At Gateway Of Pacific, The Latest Expansion Of Life Science, Technology And Healthcare Relationships In Its Bay Area Portfolio
AbbVie is latest in series of market activity bringing BioMed Realty to Over 1.2 Million Square Feet of Bay Area Leasing in 2018
SAN FRANCISCO, Nov. 7, 2018 /PRNewswire/ -- BioMed Realty, the leading provider of real estate solutions to the life science community, announced that AbbVie Inc. will be the first company to occupy Gateway of Pacific, signing a long-term lease for approximately 480,000 square feet currently under construction in South San Francisco. This transaction is the culmination of tremendous leasing success for BioMed Realty in the Bay Area in 2018, bringing total leasing activity in 2018 to over 1.2 million square feet.
Phase I of the 1.4 million square foot Gateway of Pacific campus is comprised of 555,000 square feet of state-of-the-art laboratory and office space and a first-class amenity center housing multiple dining options, a health club, informal meeting spaces and a variety of outdoor recreation areas. Gateway of Pacific is transforming the entrance to South San Francisco at the corner of Gateway Boulevard and Oyster Point Boulevard into the Bay Area's premier hub for life science innovation.
AbbVie is the first tenant at the Gateway campus. The Phase I office and laboratory building provides the flexibility and customization demanded by the growing biotechnology industry, and also further validates South San Francisco as a global center for life science research, development and commercialization.
"We are thrilled to welcome a blue chip enterprise like AbbVie to the first phase of Gateway of Pacific," said Tim Schoen, President and CEO of BioMed Realty. "Furthermore, we are excited about the opportunity to expand our existing relationship with AbbVie."
Concurrently with the substantial leasing of Phase I, BioMed Realty is advancing construction of Phase II of the campus, which will comprise 431,000 square feet of laboratory and office space and a parking structure. The company expects completion of Phase II in late 2021.
In addition to the Gateway of Pacific lease, BioMed Realty has recently completed several other prominent leases throughout its Bay Area portfolio, including an expansion of its relationship with growing technology company Lucid Motors at the Pacific Research Center in Newark, California. The automotive innovator relocated its headquarters to Pacific Research Center in late 2017, and recently expanded its footprint into an additional 305,000 square feet at the campus. The recent expansion and addition of several research and healthcare companies, including the University Healthcare Alliance, an affiliate of Stanford Healthcare, successfully brought Pacific Research Center to 100 percent leased. BioMed Realty also recently secured a 44,000 square foot lease with Novo Nordisk as a tenant at Dumbarton Circle in Fremont, expanding the global research firm's Seattle and Bay Area footprint with BioMed Realty to over 125,000 square feet.
"The expansions of these world class tenants within our Bay Area portfolio is not only a testament to the region's reputation as a leading life science, tech and healthcare center of excellence, but also to the importance companies place on access to unmatched facilities in innovative and collaborative environments," said Jon Bergschneider, Executive Vice President and Chief Development Officer at BioMed Realty. "As we continue advancing future phases of Gateway of Pacific, we look forward to welcoming more of the leading life science companies to the front door of South San Francisco, helping them establish a premier location to advance their research and attract talent."
More information on Gateway of Pacific and its future phases can be found at http://www.gatewayofpacific.com/.
About BioMed Realty
Founded in 2004 and a Blackstone portfolio company since 2016, BioMed Realty owns and operates high quality life science real estate comprising over 12 million square feet in the leading innovation markets in the United States and United Kingdom, led by Boston-Cambridge, San Francisco, San Diego, Seattle, New York and Cambridge U.K. BioMed Realty maintains a premier development platform with 1.9 million square feet of Class A properties in active construction to meet the growing demand of the life science industry. With over 200 tenant partners, BioMed Realty provides real estate solutions for global enterprises, leading universities and premier research institutions. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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SOURCE BioMed Realty