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BioMed Lands First Tenant for Former Sun Campus

NEWARK, CA-The 103,000-sf lease with Risk Management Solutions comes 18 months after the San Diego-based REIT paid $215 million for the 10-building, 1.4-million-sf campus.

By Brian K. Miller | Updated on January 02, 2008

NEWARK, CA-Publicly traded BioMed Realty Trust of San Diego has landed the first tenant for Pacific Research Center, the 10-building, 1.4-million-sf former Sun Microsystems campus it acquired in mid-2006 for $215 million. The inaugural tenant, Risk Management Solutions, isn’t in the biomedical arena, but the 103,000-sf commitment is significant and there are more tenants in the pipeline, according to Jim McPhee, one of the Cushman & Wakefield brokers marketing the development.

RMS provides catastrophic risk assessment for the insurance industry. Founded at Stanford University in 1988, it offers technology and services to manage risk associated with natural perils such as earthquakes, hurricanes and windstorms. It also provides risk modeling for man-made disasters associated with acts of terrorism, and pandemic disease. The company is owned by UK-based Daily Mail and General Trust Plc.

RMS signed a 12-year lease for 103,000 sf at Pacific Research Center, which is 50,000 sf larger than its existing Newark headquarters. Ron Kilby of CB Richard Ellis brokered the deal for the company. The negotiated lease rate has not been released, but the pro forma triple-net asking rate for office space in the park is $2.75 per sf per month, assuming a five- to 10-year lease and a plus-$100-per-sf tenant improvement allowance, McPhee says.

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