Bristol-Myers Squibb signed a new lease to expand its operations center at the Woodside Technology Park life science campus in Redwood City, California.

The 62,000-square-foot expansion adds a third building to Bristol-Myers Squibb's existing 194,000 square feet at the company's Bay Area hub for discovering pioneering cancer therapies in the innovative field of immuno-oncology, including novel biologics therapeutics. According to BioMed Realty, with this latest agreement, Bristol-Myers Squibb will lease the entire Woodside Technology Park property which is comprised of approximately 256,000 square feet of real estate in the heart of the Bay Area Peninsula's life science and high-tech communities. The term of the leases for all three buildings now extends through March 2027.

"The expansion of our facilities in Redwood City is evidence of the value that Bristol-Myers Squibb sees in the Bay Area scientific community and our relationship with BioMed Realty," said Nils Lonberg, Head of Oncology Biology Discovery at Bristol-Myers Squibb.

The new laboratory and office space will be a state-of-the-art research facility that will support scientific innovation, and also set a new standard in energy and water efficiency. The Redwood City facility is the first Bristol-Myers Squibb site to undertake the "Energy Star Challenge for Industry" – a program that requires a ten percent reduction in energy usage over the next five years.

"We are thrilled to be able to provide cutting-edge spaces for the important cancer research conducted by Bristol-Myers Squibb," said Scott Altick, Vice President and San Francisco market lead for BioMed Realty. "They are a global leader in the life science community known for scientific breadth and excellence and we look forward to supporting their science in the Bay Area for many years to come."

The relationship with Bristol-Myers Squibb in the Bay Area began when BioMed Realty acquired the three-building Woodside Technology Park campus in 2013, with Bristol-Myers fully occupying one of the buildings that comprised approximately 133,000 square feet. In 2014, the two companies expanded the relationship with an additional ten-year lease that was signed for a second building with approximately 61,000 square feet.