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HCP Preparing to Start Work on Third Phase of South San Francisco Life Science Campus

11/18/16

HCP is readying to break ground on an additional two buildings constituting the third phase of The Cove at Oyster Point (“The Cove”), its newest life science development located in the epicenter of South San Francisco’s life science cluster. The first two phases of The Cove, which started construction in the first quarter of 2015, are now 62% leased.

The Cove is the first new multi-tenant life science development in South San Francisco in over a decade and the only mixed-use development of its kind in the Bay Area. When complete, Phase III of The Cove will add two new Class A buildings totaling approximately 336k sf. Construction will commence early next year with planned deliveries throughout the second half of 2018. A future fourth phase of the project will add a seventh and final 165k sf building.

“With overall vacancy below 3 percent and a continued maturation of the life science industry, the number of companies interested in a new ground up development with the quality and scale The Cove offers has grown significantly,” said Chris Jacobs of CBRE Group, Inc.

The first phase of The Cove, which consists of two buildings totaling 247k sf, was completed in the second half of 2016 and is currently 73 percent leased. Anchor tenants Denali Therapeutics and CytomX Therapeutics commenced occupancy in August and October of 2016, respectively. Additionally, Foundry & Lux, HCP’s 30k sf amenity center developed in partnership with the Bon Appétit Management Company, opened to the public in October 2016. The innovative restaurant concept includes a café for morning coffee, juices, and lighter fare; a large market hall offering a wide array of lunch options; and an evening lounge with a wood burning pizza oven, bar, bowling lanes, pool table, and outdoor fireplace seating in addition to a state-of-the-art fitness center. Outdoor sport courts, bocce ball and horseshoe pits are also part of this project creating a hub where professionals from all phases of The Cove and the greater South San Francisco life science community can collaborate.

The second phase of The Cove, which is presently under construction and 50 percent leased, consists of two buildings totaling up to 230k sf, a parking structure, and retail space including a restaurant which will serve the project and surrounding community. Occupancy of the second phase is targeted to commence the fourth quarter of 2017 and will include biopharmaceutical company AstraZeneca. The Cove also includes an upscale boutique, business class hotel with an international brand presently under construction and scheduled to open in 2017.

Upon completion, The Cove will be a 1 msf, pre-certified LEED silver, fully integrated, waterfront life science campus located on Oyster Point Boulevard in South San Francisco. The project will consist of seven buildings ranging in size from 115k sf to 182k sf in both single and multi-tenant building configurations.

HCP has successfully delivered numerous life science developments in South Francisco since the mid-1990s. HCP is the largest life science property owner in the Bay Area with over 5 msf, including over 3 msf in South San Francisco.





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