‘They Do the Science, We Do the Real Estate’

Murphy: “San Diego is probably the healthiest we’ve seen in 15 years by way of supply and demand.”

SAN DIEGO—BioMed Realty takes a proactive stance to leasing with life-sciences tenants like Illumina, staying ahead of the market to support their science through real estate, West Coast leasing director Tracy Murphy tells GlobeSt.com. The firm recently acquired a two-building, approximately 144,300-square-foot laboratory and office property in the UTC life-science market here, UTC Campus @ Towne Centre, from W.P. Carey for approximately $55 million—BioMed’s first acquisition since being acquired by affiliates of Blackstone Real Estate Partners VIII for approximately $8 billion in January. In addition, BioMed has signed a 10-year lease announced will genomics world-leader Illumina Inc. at its i3 campus, a 316,000-square-foot development currently under construction in the also in the UTC life-science market. i3 will serve as an expansion of Illumina’s headquarters, with move-in expected in July 2017.

GlobeSt.com spoke exclusively with Murphy about the firm’s latest advancements, what has changed since the Blackstone acquisition and what the Illumina lease indicates about this submarket.