Crinetics Pharmaceuticals Takes 94K SF In San Diego's Sorrento Mesa
San Diego-based Crinetics Pharmaceuticals signed a 94K SF lease for lab and office space at 6055 Lusk Blvd. in San Diego's Sorrento Mesa, a regulatory filing with the Securities and Exchange Commission shows.
The landlord is an LLC connected to Ascendas REIT, which bills itself as Singapore’s "first and largest listed Business Space and Industrial [REIT]." It owns over 220 properties spanning office and lab space, industrial and data center real estate.
Crinetics, which develops drugs to treat endocrine diseases, plans to move its headquarters to the facility after some major renovations to the building that are anticipated to wrap up around Q3 2023. The company agreed to a base rent of $5.65 per SF, plus annual increases of 3%.
The Lusk Boulevard property is close to a multiproperty portfolio that Longfellow purchased in October 2021 for $315M.
Vacancy for San Diego life sciences real estate was 5.1% at midyear, a 0.4% decrease from the previous quarter and down 2.8% from the end of Q2 2021.