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5/29/26
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Sterling Bay has secured a $290 mil refinance of Pacific Center, a newly built, Class A life sciences campus in San Diego’s Sorrento Mesa. The refinancing includes $162.5 mil of future funding, providing substantial leasing and carry reserves to support continued occupancy growth.
Delivered in 2025, Pacific Center comprises approximately 525k sf across a purpose-built, next-generation laboratory campus featuring an all-electric, LEED Gold-certified design with flexible 36k sf- to 55k sf floorplates and up to 18-foot floor-to-floor heights. The project is designed to accommodate a range of tenant requirements, from early-stage R&D to scaled operational uses. The campus offers a curated amenity suite and a prime Sorrento Mesa location near UC San Diego, The Scripps Research Institute and the Salk Institute, major transportation corridors and the Sorrento Valley Coaster Station, as well as Westfield UTC.
Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Jack Condon represented the sponsor, a joint venture between Sterling Bay and an institutional partner. The financing was provided by Peregren Capital Group.
“This refinancing underscores lender confidence in best-in-class life science assets and high-quality institutional sponsorship,” said Firestone. “Pacific Center’s scale and central Sorrento Mesa location position it as a flagship campus capable of supporting the region’s leading innovators over the long term.”
According to Newmark Research, strengthening venture capital flows into San Diego’s biotechnology sector are beginning to translate into renewed leasing activity, with recently funded tenants prioritizing high-quality, move-in-ready lab space in core submarkets such as Sorrento Mesa and UTC/Torrey Pines.
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