Phase 3 Adds Three Life Sciences Tenants in San Diego
The 86,000-square-foot lab conversion was completed in June
By Greg Cornfield July 26, 2023 1:45 pm
reprints
Phase 3 Real Estate Partners secured three new leases totaling 16,385 square feet at Genesis Del Mar, a freshly converted 86,000-square-foot lab building in the Del Mar Heights submarket. JLL represented the landlord and announced the leases.
The Genesis Del Mar life sciences conversion was completed in June. The Class A lab building at 12250 El Camino Real offers suites ranging from 4,000 to 12,000 square feet for early-stage biotech companies.
The three new tenants include Mabwell Therapeutics, a biotechnology company represented by Tristen Schneider and John Hundley of Kidder Mathews; Genece Health, which combines artificial intelligence with genome sequencing for early cancer detection, represented by Shane Poppen of Hughes Marino; and specialty chemicals company Lygos, also represented by Poppen.
JLL’s Chad Urie, Grant Schoneman and Taylor DeBerry represented Phase 3 on leasing.
“San Diego’s core life sciences cluster lacks incubator and graduate-sized lab space, especially in the burgeoning Del Mar Heights submarket,” DeBerry said in a statement. “Genesis Del Mar fills that void and is designed specifically for small and growing biotech companies who are in need of immediate, turnkey space.”
San Diego’s life sciences industry has seen employment grow by 20 percent over the last five years and contributes $33.6 billion to the local economy, according to JLL. At the end of the second quarter, San Diego’s overall life sciences vacancy was 8.2 percent, up 220 basis points from the previous quarter.
Phase 3 develops research and development facilities, with a portfolio spanning nearly 4.5 million square feet in San Diego, San Francisco and Boston.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
