December 11, 2015
Boston-based Vertex Pharmaceuticals, one of the largest biotech companies nationwide, has more than doubled its research space in La Jolla, expanding from 80,000 to 170,000 SF.
The 16-year leased space is expected to be complete in the latter half of 2017 and will cost an average of $10.2 million per year in aggregate rent and operating costs. The new space is being built at 3215 Merryfield Row, which is nearby Vertex’s current location on Torreyana Road. An affiliate of Alexandria Real Estate Equities, Inc., ARE-SD Region No. 23, is the landlord.
Chairman, President and CEO of Vertex Jeffrey Leiden commented, “The strong life sciences community in San Diego fosters innovation that will help us continue to bring more important new medicines to patients in the future.”
Vertex is valued at nearly $30 billion, topping San Diego’s biggest biotech firm Illumina that has a $26 billion valuation.