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King Street Properties and Helios Real Estate scored a win in Burlingame, when the city’s planning commission approved the companies' proposed 475K SF life sciences campus on the San Francisco Peninsula.
The project will be located on four redeveloped parcels at 1669 and 1699 Old Bayshore Highway and 810 and 821 Malcolm Road. King Street acquired the land earlier this year for $45M, according to the San Francisco Business Times.
The existing four buildings on the site will be demolished to make way for the development. One of the new buildings will total 193K SF on the north end of the property, and the other will be a 282K SF property with a parking garage on the south end.
Sixty percent of the property will be dedicated to lab space, while the remaining 40% will be allocated for office use.
Speculative life sciences development and expansion, along with an uptick in lease agreements within the Bay Area, has been one of the strongest components of the region’s struggling office segment across 2022.
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