Harrison Street, Sterling Bay Buy More Into San Diego Life Sciences
Deal includes 700K-SF development
Harrison Street and Sterling Bay West announced the acquisition of five life sciences properties and a 13-acre development site in San Diego’s highly sought-after life sciences and biotechnology submarket Sorrento Mesa.
The life sciences properties are located at 10390 Pacific Center Court, and the development site is at 9985 Pacific Heights Boulevard, according to a report from real estate publication IPE.
Harrison Street and Sterling Bay will develop a six-story 355,000-square-foot building with a rooftop terrace and 8,000 square feet of amenity space adjacent to the existing portfolio. The companies also have plans to develop three six-story, purpose-built life sciences buildings totaling 700,000 square feet on the Pacific Heights Boulevard site.
The five existing buildings in the portfolio are Class A tenant build-outs specific to life sciences operations, and are leased to Tanvex BioPharama, Wacker and Qualcomm.
Harrison Street’s Mark Burkemper said Sorrento Mesa is the densest, fastest-growing submarket in the San Diego life sciences cluster, and that nearly half of the surrounding population is employed by a scientific, technology or research-related company.
“Support for life sciences and technology in San Diego continues to grow at a robust pace as funding from venture capital rapidly reaches new highs, yet demand for purpose-built life sciences spaces consistently outpaces supply in the Sorrento Mesa market, which is facing historically low vacancies,” Burkemper said in a statement.
Harrison Street is exclusively focused on alternative real assets. It has more than 6.5 million square feet of lab space globally, and is the largest owner of life sciences assets in the U.K. Gregory Cornfield can be reached at email@example.com.