S.F. Life Sciences Streak Continues With New $400M Waterfront Campus
The Bay Area’s life sciences boom continues with the announcement of a 570K SF waterfront complex in Brisbane, California, between San Francisco and the city’s major airport.
The development, dubbed Genesis Marina, underscores what Cushman & Wakefield Managing Director Marc Ward told Bisnow has been “a golden era for life science in the Bay Area.” Even with 4M SF under construction in the region, per JLL’s 2020 sector overview, the last few weeks have seen two substantial deals for life sciences conversions — Oxford Properties Group’s $172.7M acquisition of a mixed-use building in Berkeley and Longfellow Real Estate Partners' $156M pickup in San Mateo.
JLL Capital Markets secured a $400M construction loan from Barings for the project, a joint venture between San Diego’s Phase 3 Real Estate Partners and Bain Capital Real Estate of Boston. Construction broke ground last year, with delivery expected by the first quarter of 2023.
“The financing opportunity for the Genesis Marina campus attracted a tremendous amount of interest as best-in-class life science developments are highly coveted at the moment,” JLL Senior Managing Director Tim Wright said in a statement.
Located in the South San Francisco life sciences cluster, the expected Class-A Genesis Marina campus will be built on an 8.7-acre site with access to the Bay Trail and feature 35K SF floor plates.
It’ll be the latest in a Genesis portfolio that spans the nation’s three largest life sciences markets — San Diego, Greater Boston and the Bay Area — where roughly 70% of private and venture capital and scientific talent is concentrated.