Aralon Properties Inks 142K SF Life Sciences Lease Before Project Delivers
Aralon Properties has secured a lease for its entire property at 499 Forbes Blvd. even though it is still under construction.
InterVenn Biosciences, a biotechnology company that focuses on the treatment and early detection of cancer, has signed a 10-year deal for 142K SF in the South San Francisco property, as reported by the San Francisco Business Times.
This deal furthers InterVenn’s footprint in the city, as the company will also maintain its 20K SF lease at 2 Tower Place in South San Francisco.
Aralon built the property on a speculative basis after purchasing the site in 2018. First Republic Bank provided a $55M construction loan in the early part of last year for the development. The project was entitled in November 2020, with construction estimated to be complete in Q4 of this year.
South San Francisco has been a hub of life sciences activity in recent years, with the city welcoming life sciences and biotech development and investment with open arms amid a flurry of venture capital and demand.