Biomedical research nonprofit Gladstone Institutes leased 105K SF of lab space in a new Mission Bay building at 1450 Owens St.

The building will house about 300 scientists across 20 different laboratories, Gladstone Institutes said in a news release. The Owens Street building is a stone’s throw from Gladstone’s 200K SF headquarters at 1650 Owens St., which it has occupied since 2004.

Alexandria Real Estate Equities developed the property, which is expected to come online in 2027. Gladstone said it plans to move its data science and genomic immunology institutes to the Owens Street building, which frees space for its cardiovascular, neurological and infectious disease institutes to expand at its headquarters.

Gladstone said its long-term lease with Alexandria includes a future option to purchase the leased space. The expansion was funded by Gladstone Now, a $350M capital fund launched in September 2024 with the goal of accelerating research opportunities to treat cancer, Alzheimer’s, Parkinson’s and other diseases.

Truebeck Construction broke ground on the 208K SF facility in early 2022. It includes 110K SF of above-ground parking for 317 vehicles and 25 electric vehicle charging stations.

Alexandria in December sold two six-story buildings at 409 and 499 Illinois St. to the University of California, San Francisco for $767M, the San Francisco Business Times reported.

The country's largest life sciences-focused REIT has been busy selling select properties while focusing on its “megacampus” strategy amid a broad pullback in lab leasing.

“We deeply value our nearly two-decade strategic relationship with Gladstone and are honored to welcome them as the anchor tenant at 1450 Owens Street in our Mission Bay cluster,” ARE Executive Chairman Joel Marcus said in a statement.

Landlords, including ARE, have been offering concessions to new tenants to fill space in their buildings, slowly chipping away at the supply glut.