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In conjunction with the purchase of the Emeryville Center for Innovation, BioMed Realty reports that Novartis will enter into a one-year leaseback on the existing building, during which time BioMed Realty will put forward redevelopment plans to transform the building into a Class A+, state-of-the-art multi-tenant laboratory and office facility.
ASC 842 will require office lessees to recognize assets and liabilities associated with most leases, and it could encourage companies to adopt shorter lease terms.
The first “Alexandria GradLabs” property will be located in San Diego at 9880 Campus Point Drive. The 98,000-square-foot project is scheduled to be delivered by 2020 and will be built at the Pasadena, CA-based firm's flagship San Diego property—Campus Pointe by Alexandria.
With life science lab rents at an all-time high and demand outweighing supply in most markets, there are a growing number of speculative projects breaking ground.