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4/02/25
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MUSE, a three-building, 186k sf trophy life sciences campus in San Diego, traded hands in a recent $159 mil ($855/sf) transaction. Breakthrough Properties purchased the asset from Diversified Healthcare Trust, which is managed by The RMR Group.
Substantially renovated between 2020 and 2022, MUSE is a state-of-the-art life sciences facility consisting of two fully leased wet lab buildings and one vacant office building. Overall, the property is 49% leased to Merck, Aegis Life, Organogenesis and Halloran. As part of the renovation, MUSE added tenant amenities, including a fitness center, full-service café and indoor / outdoor conference center.
The campus has a hillside location at 3030, 3040 and 3050 Science Park Rd in the Torrey Pines submarket of San Diego. This submarket is part of the larger San Diego life sciences cluster, which is one of the top biotech hubs in the United States and is home to renowned research institutions, including the Salk Institute for Biological Studies, The Scripps Research Institute and the University of California, San Diego. Torrey Pines benefits from a highly skilled workforce, drawing from local universities and attracting talent from all over the world.
A JLL Capital Markets Investment Sales and Advisory team led by Kurt Luedkte and Zac Saloff represented the seller in the transaction. JLL also arranged post-closing financing for two buildings and will continue to handle leasing for the entire MUSE campus.
“Investor interest in the MUSE was significant,” said Luedkte. “This signifies to us that experienced life sciences investors are confident in the life sciences sector recovery, particularly in top markets like San Diego.”
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