The five-year lease is valued at $1 million. Bristol Myers has already occupied the space, which is located at 26880 Laguna Hills Drive. It will serve as the Western Regional Sales Office for the company. Bristol Myers has moved to the new site from its previous location in Irvine. The pharmaceutical company chose the Aliso Viejo site because of the property's close proximity to John Wayne Airport and its easy access to all parts of Orange County via the San Joaquin Hills Transportation Corridor and Interstate 5, says Gary Allen, a Grubb & Ellis broker who worked on the deal.

Allen, who works out of Grubb & Ellis' Newport Beach office, represented both Bristol Myers and the landlord, Shea Properties.

Aliso Viejo Town Center Corporate Park is a 12-acre, master-planned business park that encompasses 198,000 sf of flex-tech office space. The complex consists of five, two-story buildings that range in size from 34,000 to 53,000 sf, with flexible floor plans divisible from 4,000 sf.