Alexandria Completes 427,000 Sq Ft R&D Facility for Bristol Myers in San Diego

Alexandria Real Estate Equities, Inc. has completed a 427,000 rentable square foot R&D facility for Bristol Myers Squibb in San Diego, California. Campus Point, where the facility is located, encompasses 2.9 million rentable square feet, with 1.3 million square feet operational, 0.9 million square feet under construction, and 0.7 million square feet available for future projects.

The campus, which has a 95.4% occupancy rate, includes various amenities. Alexandria has a longstanding partnership with Bristol Myers Squibb dating back to 1998. Aecon Group Inc. recently secured an $815 million contract for a sewage treatment plant upgrade in Winnipeg and announced a $1.7 billion contract for a natural gas-fired power facility in Alberta. Moody's downgraded Alexandria's debt rating to Baa2, reflecting challenges in the life sciences real estate sector, though it maintained a stable outlook due to the company's quality assets.