Mission Bay Strengthens Image as Life Sciences Hub with New Lease
By Alex Girda, Associate Editor
Mission Bay’s reputation as a leading international life science hub is set to be confirmed, as yet another company active in the field announced that it’s moving to the area. Represented by Alexandria Real Estate Equities, the mid-cap life sciences company has completed a leasing deal at 499 Illinois Street near the existing UCSF’s research campus and hospital complex.
The agreement will keep the company at the site for at least 10 years in an area that produces world-class workforce in the life sciences industry, while also providing one of the best work environments in the country.
Alexandria Real Estate provided its client with a 10-year lease for 97,700 square feet at the 499 Illinois Street facility, or 45 percent of the available space—totaling 219,600 rentable square feet. The new tenant is now set to open a brand new R&D facility where it will develop new tech and products, as well as a customer demonstration and training center at the new venue.
The life sciences cluster in Mission Bay includes a large number of Nobel Prize laureates working for prestigious organizations such as Bayer AG, California Institute for Quantitative Biosciences, San Francisco, University of California, Celgene Corporation, Fiborgen and blue chip venture capital entities Novo Ventures, OrbiMed Advisors, Third Rock Ventures, venBio and Versant Ventures.
Alexandria Real Estate Equities is a self-administered and self-managed real estate investment trust that primarily deals with owning, operating, redeveloping, developing and acquiring high-quality, sustainable real estate for the life science industry. The company is one of the first organizations to center its attention on the laboratory space niche and has created quite the portfolio for itself during its activity.
For more market data from the San Francisco Bay Area, click here.
Image courtesy of are.com
Tags: Acquisitions/Dispositions, Alexandria Real Estate Equities, Brokers, Commercial, economy, Finance/Investment, Financiers, Health Care, Industrial, Investors, laboratory space, leasing, leasing deal, life sciences hub, Local, Mission Bay, National, Owners, Professional, Regional, San Francisco Lead Story, Tech