Pharma giant Bristol Myers Squibb (BMS) is closing a 256K SF research campus at Woodside Technology Park and consolidating operations in the Bay Area after reporting a loss of nearly $12B in the first quarter.
The New Jersey-based drugmaker announced it will close the three-building campus, located at 700-740 Bay Road in Redwood City, as part of a corporate-wide plan to cut 2,200 jobs this year and eliminate $1.5B in costs by the end of 2025.
The Redwood City campus, which includes a 133K SF building, two 60K SF buildings and an auditorium, is owned by Blackstone's BioMed Realty, a REIT based in San Diego.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
