Denver-based actual property funding belief firm Healthpeak Properties just lately introduced that it had obtained approval for the following two phases of building at its Vantage life sciences workplace campus in South San Francisco.
The newly awarded entitlements cowl 1.3 million sq. toes of further area, which doubles the allowable density that Healthpeak banked on when it acquired the land. Moreover, the long-term nature of the entitlements granted affords the corporate flexibility to ship phases II and III of the event at a tempo that aligns with forecasted market demand.
Upon completion, the purpose-built lab growth campus will incorporate a complete of 1.7 million sq. toes of strategically situated lab and workplace area in South San Francisco. Spanning a complete of 20 acres inside shut proximity of the headquarters of biotechnology company Genentech, Vantage affords tenants a extremely amenitized location with handy entry to a number of modes of transportation. As an illustration, the campus options direct entry to the Rails-to-Trails pathway, which gives a pedestrian connection to downtown South San Francisco’s restaurant and retail hall, in addition to the just lately renovated Caltrain station.
Healthpeak started building of Vantage part I in 2022 to ship 343,000 rental sq. toes throughout two buildings — Vantage A and Vantage B at 480 and 490 Forbes Blvd., respectively — in addition to a 40,000-square-foot amenity constructing that includes a number of eating choices, conferencing area, and a health middle.
Japanese multinational pharmaceutical firm Astellas Pharma leased the 154,000-square-foot Vantage Constructing A in 2022 to function its West Coast innovation and analysis middle. Then, this previous December, the corporate reportedly began shifting into what would be the consolidated house for a number of enterprise models and capabilities that have been scattered all through the San Francisco space.
“Impressed by our success at The Cove and different close by campuses, the Vantage grasp plan is a continuation of Healthpeak’s imaginative and prescient to create a world-class campus that gives an inviting and collaborative setting for the nurturing of concepts, data, and discoveries that form the biotech trade,” stated Scott Bohn, chief growth officer, and co-head of the lab division at Healthpeak. “The longer term phases of Vantage present Healthpeak a strategic growth pipeline to fulfill the expansion wants of our present and future tenants. We’re appreciative of the collaborative and mutually useful relationship now we have fostered with the Metropolis of South San Francisco over the previous three many years and stay up for Vantage furthering South San Francisco’s place as a number one marketplace for biotech innovation.”
South San Francisco is house to one of many fastest-growing life sciences clusters on the peninsula. Providing handy entry to the Bay Space’s most dense ecosystem of life sciences firms and mental capital — in addition to invaluable proximity to each UCSF and Stanford College — it’s not stunning that this San Francisco submarket has maintained a close to 0% emptiness price throughout the native life sciences actual property section.
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Final modified: December 28, 2023
In regards to the Writer / Ioana Ginsac
Ioana Gînsac is a inventive author protecting all-things-CRE for a number of Yardi product publications. Matters embrace trade information, U.S. workplace and industrial market reviews, in addition to options on growth, structure, urbanism, proptech, design, and extra. Her work has appeared in AmericanInno, Bisnow, BusinessInsider, Industrial Property Govt, Curbed, Quick Firm, Forbes, GlobeSt, Inc, Patch, The Actual Deal.
