The second phase of construction has begun on the Oyster Point life science facility in South San Francisco. Under Kilroy Realty Co‘s supervision, this phase will cost US$940 million and will feature three buildings totaling 860,000 square feet. The second phase will include a fitness facility, conference center, and several catering options as well as outdoor meeting areas like a large amphitheater and recreation areas. Upon completion, Oyster Point will cater to biotechnology and pharmaceutical tenants on the 3 million-square-foot campus. Construction on the waterfront property begun in 2018 however the date of completion has not yet been made clear.
Also Read: World’s First Floating fire station to be constructed in San Francisco
“Our long-term commitment to understand and serve the needs of life science and healthcare tenants is now paying off. The industry is experiencing accelerating growth and investment, and its potential impact on large sectors of our global economy is still in its infancy. We are in an excellent position to partner with some of the most innovative companies in the life science sector and drive our own growth at Kilroy Realty Co for years to come.” said CEO John Kilroy and Kilroy Realty Co Chairman. Kilroy Realty Co purchased the fully entitled Oyster Point waterfront development site three years ago. This advanced a long-term strategy to significantly increase its life science activity, including assembling a pipeline of strategically located land sites for future development.
In addition to Kilroy Oyster Point, KRC owns three sites fully entitled to more than 700,000 square feet of life science development in San Diego. They include the Santa Fe Summit, along 9514 Towne Centre Drive, Route 56-Corridor, and 4690 Executive Drive that are all in the University Towne Center submarket vicinity. With demand for high-quality life science space in preferred submarkets now driving vacancy rates to historic lows, the company is readying plans for additional development starts on these sites.
83
