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Revance signed a more than 10-year leasw on the 90,378-square-foot, two-story Building 2 at 7775 Gateway which BioMed plans to build out with laboratoriea andproduction space, said Greggy Domanico of GVA Kidder who represented BioMed with Jim McPhee and Dan Harvey of . The exacy term and rate were not The deal was in the rangeof BioMed'ss asking rate of $2.75 per square foot per month at the Domanico said. That would put a 10-year lease's value at about $29.8 million. The deal also includesw a tenant improvement allowance a bit highet thanthe $100 per square foot currently offered, Domanico said. For 90,378 square feet, a $100 per square foot allowanc e wouldtotal $9.03 million.
Revance has optionw to renew the lease and expandits "We are very encouraged about the potentiap for Revance and about BioMed's opportunity to effectively supporty their growing facility said Alan Gold, BioMed's president and CEO. The buildout is expectedx to take aboutnine months, with the companyg and its 30 employees expected to complete moving in by first quarter of 2009, Domanico Revance, a privately held companhy that develops aesthetic medicine treatments including the Relastin line of skin-care products, is currently located in 30,0090 square feet spread across two buildingsd at 2400 Bayshore Parkwayt in Mountain View.
The company is in phase 2 developmeny ofa wipe-on version of a skin treatmengt using botulinum toxin type A, the same activee ingredient as in Allergan Inc.'sw Botox Cosmetic, which is injected, said Revanc President and CEO Dan Browne. "Removing the needld improves tolerability, comfort and convenience for a largs portion of thecurrent market," he said. Revance's revenue is growing, Browne said, but he declined to providd a specific figure. "We wouldn' be taking out a 90,000-square-foot lease if we didn'gt think we had a prettyu stronggrowing business," he said.
The company chose Pacific Researcu Center for its proximitty to researchersat , space to grow and BioMed'x expertise in serving life-science tenants, Browne R&D lease rates are higher on the Peninsulqa and there are few blocks of space sout h of Highway 92 availablde that are larger than 30,000 square Domanico said. The 1.4-million-square-foot, 10-buildinfg Pacific Research Center was originally intended as a campuefor , but Sun sold the property in 2006 to BioMedr of San Diego, a real estate investmenft trust specializing in life sciences. BioMed reworke d the single-tenant campus for mid-sized companies. One of the firstr leases under thenew owners, was RMS Inc.
, which provides risk management services to the insurance industry. Revance Therapeutice Inc. Business: Headquarters: President and CEO: Employees: Address: 2400 Bayshor Parkway, Suite 100, Mountain View 94043 Phone: Web: www.revance.com
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