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Clinical-stage cancer research company Ideaya Biosciences increased its footprint in South San Francisco with a 25K SF lease expansion at 5000 Shoreline Court.
In June 2023, Ideaya leased 44K SF at the property owned by DivcoWest, which acquired the vacant 140K SF waterfront building at Sierra Point a year earlier and began converting it into laboratory space. Ideaya originally leased space on the first and third floors, and in 2024, it added 11,300 SF in a lease commencing in January 2025.
Ideaya's most recent expansion takes a portion of available space on the second floor as well, according to documents filed with the Securities and Exchange Commission. Ideaya plans to occupy office and lab space on the second floor on March 1, 2027, following completion of tenant improvements.
The first-year monthly rental rate for the expansion is $5.35 per SF, rolling to $5.50 per SF in Year 7 for an annualized payment of just under $2M in 2034. Lease terms include an option for expansion on the second floor.
Ahead of its move into the new space, Ideaya Bio will take an additional 10,600 SF of temporary office space on the first floor, along with 2,600 SF of flex space, while DivcoWest begins tenant improvements. The San Francisco-based real estate investment firm said it would contribute $6.8M to TI work.
DivcoWest purchased the former Johnson & Johnson facility at 5000 Shoreline Court for $165M, the San Francisco Business Times reported. In repositioning the asset into Class-A lab and office space, DivcoWest outfitted the building with a new 1,200-kilowatt generator system, upgraded electrical systems to accommodate 4,000 amps of power delivery, and replaced rooftop mechanical systems.
Ideaya's lease continues a trend of smaller deals being inked for lab and office space in the Bay Area. In the first quarter, average lease size in the Bay Area’s life sciences market was just under 20K SF, a 28.5% decline from the market’s five-year average lease size of nearly 28K SF, according to Newmark.
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