Isis Signs for 176,000 SF With BioMed Realty

CARLSBAD, CA-Isis Pharmaceuticals Inc. has signed a 20-year lease with San Diego-based BioMed Realty Trust for a new 176,000-square-foot, research facility to be constructed by BioMed at the Carlsbad Oaks North Business Park in Carlsbad. The pharmaceuticals firm, which now leases 28,700 square feet with BioMed, will increase its total leased space to approximately 204,700 square feet once the new building is completed. Isis has also extended its lease to Dec. 31, 2031 on the existing facility that it leases from BioMed, which is a manufacturing site on Faraday Avenue in Carlsbad.

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.