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2/15/23
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Biopharmaceutical company Vivani has signed a 43.6k sf, full building lease at 1350 South Loop, within the Radius @ Harbor Bay campus, a nearly 700k sf life science and innovation campus located in Alameda. Terms of the deal were not disclosed.
The 1350 South Loop building is a Class A life science facility that was recently converted to lab space on a speculative basis. The upgrades completed last year included capacity for 60% lab and 40% office space. The single-story property features 14’ clear heights (10’ for finished office and lab areas), 1,600 amps at 480V power, new HVAC for lab areas, a new 250kw backup power generator and room for an outdoor equipment pad.
The property’s spec labs feature specialized equipment rooms, single pass air, floor drains, fume hoods, emergency eyewash stations, lab benches and more. A large flex lab area allows for customized space and can support a chemistry lab, biology lab, pilot plant or lab support.
The Radius is situated within Harbor Bay’s growing life science cluster anchored by Abbott Laboratories, Exelixis and Penumbra. The campus sits just off Harbor Bay Parkway and is accessible by ferry service 25 minutes to and from Downtown San Francisco.
Ari Rokeach and Conor Ranahan with Newmark represented the landlord and ownership group, Paceline Investors and True North Management Group, in the transaction.
Rokeach commented, “We are seeing a flight-to-quality in today’s market, and this lease is an indicator of the submarket’s appeal along with strong demand for built-out lab spaces that enable companies to shorten time to occupancy and to reduce capital expenditures. Alameda has quickly become a burgeoning life sciences submarket, acting as a pressure release valve for Emeryville/Berkeley and will continue to grow given the anchors of Exelixis, Penumbra and Abbott Laboratories.”
According to Newmark Research’s 2022 Mid-Year Life Science Overview & Market Clusters report, the San Francisco Bay Area life science market continues to be the #2 ranked life science cluster in the country, supported by over 33 msf of laboratory inventory, continued tenant demand and strong venture capital networks adjacent to Silicon Valley. Bay Area healthcare and life science venture capital funding increased by 19.3% in 1H22 compared with 1H21 – this is a stark contrast to a national slowdown in the venture capital space and is an encouraging sign for tenant demand.
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