Former Dropbox HQ in Mission Bay turned into 750K SF of life sciences lab space
The Real Deal – May 18
The former Dropbox headquarters in San Francisco’s Mission Bay has been rebranded as Icona: Labs at Mission Bay. The 750,000-square-foot office complex at 1800 Owens St. in Mission Bay made the change as it seeks a new base of life sciences tenants, the San Francisco Business Times reported. KKR and Longfellow Real Estate Partners bought the complex last year from Kilroy Realty Corp. for $1.08 billion, marking the second-highest price paid for a single property in the city’s history.
Britain's Legal & General joins up with Ancora for U.S. life sciences real estate venture
Reuters – May 25
British insurer Legal & General has formed a 50:50 partnership with U.S. developer Ancora to invest in U.S. life sciences and technology real estate in the first U.S. investment by its alternative assets arm. The COVID-19 pandemic has spurred interest in real estate in life sciences, which spans sectors such as biomedical devices and pharmaceuticals.
Bay Area firm lands $75M to acquire, revamp life science campus
Commercial Property Executive – May 19
Four Corners Properties and their institutional equity partner have received $75 million in financing for the acquisition and redevelopment of the 7-acre Shoreway Innovation Center in Belmont into a new life science campus. Preliminary plans call for the construction of two Class A life science buildings, totaling about 500,000 to 600,000 square feet, as well as a multi-story parking structure with about 1,500 stalls.
Trammell Crow, CBRE plan 116,000 SF Vista Sorrento Labs spec life sciences building in San Diego
REBusiness Online – May 11
Trammell Crow Co., in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms.
Life sciences project breaks ground at 777 Industrial in San Carlos
The San Mateo Daily Journal – May 27
Developers behind a four-story life science project at 777 Industrial Road in San Carlos broke ground in late May. The project is expected to significantly change the face of the city’s east side. Presidio Bay Ventures’ 147,000-square-foot life science building will replace an existing Honda dealership at 777 Industrial Road. Once complete, the site is expected to bring between 500 and 600 employees into the area.