The firm separately led a $575 million construction loan for a 16-acre life sciences and technology campus north of San Diego last fall, which will be the headquarters for Neurocrine Biosciences. And the duo has more planned in Denver, Philadelphia and Raleigh-Durham, N.C.īank OZK is also quite familiar with the terrain of life sciences real estate. Sterling Bay and Harrison Street have previously partnered on life sciences projects across the country, including approximately 1 million square feet of recently completed lab space in San Diego and Chicago. Average asking rents across the market have increased substantially over the last decade, and central San Diego sits at $6.46 per square foot, just below the record high of $6.57, per CBRE’s report. San Diego - one of the top life sciences markets in the nation - posted a 5.6 percent vacancy rate after the first quarter this year, according to CBRE (CBRE). The full five-structure development at 5975 Pacific Mesa Court will feature three lab buildings around a central plaza and the mass-timber amenity center. “San Diego’s life sciences ecosystem is thriving, and the demand for modern, highly amenitized research space is at critical max.” “Securing a loan for new construction in today’s economic climate is no small feat,” said Andy Gloor, CEO of Sterling Bay. The rest of the $650 million campus will be completed over the next four years in the Sorrento Mesa submarket. The first phase, now underway, is set to open in the fourth quarter of next year. SEE ALSO: MSquared Raises $200M for 2 Mixed-Income Housing Funds
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