Alexandria Real Estate Equities, a REIT specializing in life science and tech campuses, has started work on Alexandria GradLabs at the 98K SF 9880 Campus Point Drive in San Diego.
The development will be a flexible platform designed to provide post-seed-stage life science companies with furnished office/laboratory suites and room for growth. Alexandria GradLabs is slated for completion in 2020.
"We're seeing a significant need for laboratory and office space from promising life science companies that have outgrown or will soon outgrow incubator space," Alexandria Chief Investment Officer Dan Ryan said in a statement.
"Our intention with Alexandria GradLabs is to provide immediately occupiable and highly flexible life science workspaces, complete with laboratory resources more commonly enjoyed by large biotechnology and pharmaceutical companies," Ryan said.
Alexandria said it has already inked a lease at the new development, though it hasn't disclosed the identity of the tenant yet.
The development will be part of Campus Pointe by Alexandria, the company's campus in the University Town Center submarket, which is anchored by Eli Lilly and Co., Celgene Corp. and UC San Diego.
The new property will also have access to the campus' existing amenities, such Green Acre, chef Brian Malarkey's farm-to-table eatery; a conference center; a fitness center by a regulation-size soccer field and outdoor walking trails; and an organic farm.
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