US$265 million construction credit has been secured for the construction of the Pacific Center Life Science facility in San Diego. This was announced by the joint venture between Sterling Bay, a leading development firm, and Harrison Street.
Previously, Sterling Bay and Harrison Street collaborated on life sciences projects all around the nation. This includes about 1 million square feet of recently finished lab space in Chicago and San Diego. Additionally, Denver, Philadelphia, and Raleigh-Durham, North Carolina are on the duo’s itinerary. With a $20 billion development pipeline, Sterling also invests in residential, commercial, and creative office properties.
The credit from Bank OZK (OZK) which engages in the provision of community banking services through over 240 offices in eight states.
Overview of the Pacific Center Life Science facility in San Diego
The Pacific Center Life Science facility in San Diego is designed by Gensler. It features a 1,700-place parking complex and a 28,000-square-foot leisure centre in addition to 500,000 square feet of research space. The first phase of the project is currently under construction. It is scheduled to open in the fourth quarter of 2027. In the Sorrento Mesa neighbourhood, the remaining $650 million complex will be finished during the ensuing four years.
Three lab buildings will be arranged around a central plaza in the whole five-structure development at 5975 Pacific Mesa Court. Additionally, a mass-timber amenities centre is in the plans for the facility.
Also Read: University of Pittsburgh Pitt Life Sciences Building in Pennsylvania opened
According to CBRE, San Diego, one of the leading life sciences markets in the country, has a 5.6% vacancy rate after the first quarter of this year. According to a CBRE analysis, the average asking rent in the market has risen significantly over the past ten years. In central San Diego is currently at $6.46 per square foot, just shy of the record high of $6.57.
The demand for contemporary, highly-amenitized research space is at an all-time high in San Diego, according to Andy Gloor, CEO of Sterling Bay.
