Isis plans to consolidate the majority of its operations in the new facility, according to Dr. Stanley T. Crooke, chairman and CEO of the pharmaceuticals company. Crooke says that Isis worked closely with BioMed "to design a functional and efficient facility that will meet our needs for the near-term and for the future."
The new research facility will be close to existing manufacturing sites operated by Isis, which is located in four buildings totaling 138,500 square feet in Carlsbad, according to public filings by the company. The company uses three of the buildings primarily for laboratory and office space; the fourth is the manufacturing site on Faraday Avenue.
BioMed chairman Alan D. Gold noted that Isis has been a tenant of the life science space REIT since 2005. According to Isis public filings, the company formerly owned the 28,704-square-foot manufacturing facility on Faraday Avenue and sold it in 2005 in a sale-leaseback. It leased back the facility for an initial term of 15 years at an initial rent of $2.60 per rentable square foot.
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