Elements, a three-building, 290,000-square-foot life science campus in San Diego’s Sorrento Mesa submarket, has been redeveloped by Alloy Properties. According to CommercialEdge, the developer, a subsidiary of TPG Real Estate Partners, began the conversion of offices to laboratory space after purchasing the building for $104 million in March 2020.
In addition to its initiatives in San Diego, Alloy has also been active in other high performance areas. The business spent $365 million in June for a five building, 425,000 square foot life science portfolio in Boston.
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The 7.9 acre property, located at 10201-10241 Wateridge Circle, was first known as The Elements at Waterbridge. The previous owner conducted a $2.5 million capital renovation programme at the property four years prior to its sale, which included modifications to the buildings’ external finishes and amenity areas.
The present lab space conversion mostly covered 10201 and 10241 Wateridge Circle. The interiors and leisure areas were designed by McFarlane Architects, with contracting services provided by JB Pacific. Additionally, the leasing at the campus is overseen by JLL Executive Managing Director Chad Urie, Senior Managing Director & Market Lead Tim Olson, and Managing Director Tony Russell.
Details on the Alloy Properties Elements life science project
The new rooms feature floor plates of 20,000 square feet and ceiling heights ranging from 13 to 18 feet. Leases might vary between 20,000 and 189,000 square feet, with laboratory suites ranging between 19,462 and 62,294 square feet. Furthermore, Elements’ new amenity package includes outdoor conference areas, a new fitness centre, and charging stations for electric vehicles.
Elements is located in one of San Diego’s best performing submarkets, which is one of the country’s major life science markets in terms of development pipeline and rentable area, according to CBRE statistics. Intertek, Inovio Pharmaceuticals, and Telesis Bio are among the campus’ near neighbours. The University of San Diego is 9 miles south, and its research hospital is less than 2 miles east.
