Alexandria Real Estate Equities has signed a 427,000-square-foot lease agreement with global biopharmaceutical company Bristol Myers Squibb. The company is developing its newest core R&D facility at Alexandria Point property in San Diego's UTC area. The transaction is the second largest lease agreement secured in the firm's history.

Currently under construction, Alexandria Point is a 2-million-square-foot campus with laboratory and office space and more than 100,000 square feet of amenities, including an organic eatery, a best-in-class wellness and fitness center, state-of-the-art conference space, expansive green space and an on-site garden. Alexandria is also planning an event lawn and conference center capable of housing 800 people. The property will be built to LEED Gold standards.

Alexandria has a longstanding relationship with Bristol Myers Squibb. The two have partnered on more than 900,000 square feet of space in the company's cluster markets, which include San Diego, Greater Boston, the San Francisco Bay Area, New York City and Seattle.