Pfizer Signs San Diego’s Largest Life Sciences Deal of 2024 So Far
The 520,000-square-foot Torrey View campus is now fully leased
By Greg Cornfield March 18, 2024 10:30 am
reprints
Pfizer is expanding its real estate footprint again and helping spark investor confidence in laboratory space.
The biotech and pharmaceutical giant signed a 15-year deal for 230,000 square feet for its oncology division at a nearly completed complex on the coast in San Diego. It’s the largest life sciences lease so far this year in San Diego — which is the third-biggest lab space hub in the U.S. — and more than twice the size of the largest lease in the market from 2023.
The full lease could be valued at around $290 million, according to Bloomberg, which first reported the lease. Representatives for both the developers and for Pfizer declined to share additional details on the value of the lease for CO.
The 10-acre, 520,000-square-foot campus development named Torrey View is being completed by Breakthrough Properties — which is a joint venture between Tishman Speyer and biotech investment firm Bellco Capital — in partnership with Mitsui Fudosan America, Investment Management Corporation of Ontario and AP2.
With the Pfizer deal, which will take up two research and development buildings, the Torrey View campus is now fully pre-leased. Medical technology company Becton, Dickinson and Company signed for most of the other space. Along with lab space, the complex features a 400-person conference facility, a Jay Wright-designed fitness center and a pickleball court.
Pfizer’s oncology arm merged with Seagen following a $43 billion acquisition last year, per Bloomberg.
The San Diego lease comes about seven months after Pfizer signed for 151,065 square feet at Hudson Valley iCampus in Rockland County, N.Y., in a deal valued at over $16 million.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
