Illumina Inc. entered into a lease agreement with an affiliate of BioMed Realty Trust Inc. Under the terms of the lease, the company will lease certain office buildings to be constructed at 200-800 Lincoln Centre Drive, Foster City, California, consisting of approximately 360,000 rentable square feet. In addition, the company has the right to further expand the premises and lease an additional office building that may be built at this facility. The lease is for a period of 16 years (the initial term) with a target commencement date of July 1, 2017.

The company has three five-year options to extend the lease. The aggregate rent during the initial term of the lease is expected to be approximately $204 million, but not including the expansion building. In addition to rent, the lease requires the company to pay certain taxes, insurance, and operating costs relating to the leased buildings.