BioMed Realty, a Blackstone portfolio company, and the University of California San Diego recently celebrated the grand opening of the Center for Novel Therapeutics on the UC San Diego Science Research Park campus. The new 137,500 square foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients throughout the world. The development represents a $92 million investment by BioMed Realty, a global leader in life science real estate.
“The Center for Novel Therapeutics partnership with BioMed Realty is going to change the face of patient care by bringing new therapies from research to market more efficiently than ever before,” said Pradeep K. Khosla, Chancellor of UC San Diego. “These types of forward-thinking partnerships help UC San Diego move closer to its goal of becoming a preferred destination for students, researchers, patients, and the community.”
As a result of UC San Diego’s partnership with BioMed Realty, CNT will stand as San Diego’s newest dedicated oncology research center, with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, CNT includes the first academic-industry drug discovery incubator site in San Diego.
“We are thrilled to announce the grand opening of the Center for Novel Therapeutics, a cutting-edge research building that will foster one of the nation’s most vibrant life science communities in California,” said Tim Schoen, President and Chief Executive Officer of BioMed Realty. “It is an honor to partner with UC San Diego to promote innovative therapeutics and to support researchers and academics to expand and accelerate life-changing solutions worldwide.”
CNT will facilitate UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic, and to patients by promoting new therapies.
The CNT building leverages BioMed Realty’s focus on collaboration and sustainability efforts, which resulted in the project being awarded LEED Gold Certification. BioMed Realty designed the project with UC San Diego to incorporate high efficiency water-cooled central cooling, LED energy-efficient light fixtures throughout, and photo-voltaic solar panels on the roof of the atrium and other parts of the building.
“We are strong believers in the long-term fundamentals of the life sciences real estate sector, particularly in locations with top-tier educational and research institutions,“ said Nadeem Meghji, Senior Managing Director, Head of Real Estate Americas at Blackstone. “This groundbreaking partnership between BioMed Realty and UC San Diego will deliver resources to facilitate critical life sciences research that is helping to fill unmet medical needs.”
According to the Biocom Life Science Association of California, the state’s life science industry provides nearly 1.3 million jobs, with economic activity generating a total of $346 billion in 2018 alone. BioMed Realty, which is headquartered in San Diego, has invested approximately $1.1 billion in life science-focused real estate projects in the state of California since its privatization by Blackstone in 2016. The Company now has more than 129tenant partners in 45 purpose-built life science properties in California.