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February 24, 2024
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Oxford Properties Group Closes Acquisition of 250k sf Carlsbad Campus in $258 Mil Sale/Leaseback


Oxford Properties Group has purchased Ionis Pharmaceuticals’ Campus, a 250k sf, state-of-the-art life sciences and corporate headquarter campus in Carlsbad, in a $258.4 mil sale/leaseback deal. The self-contained and fully amenitized campus is located on approximately 18 acres at 2850, 2855 and 2859 Gazelle Ct, north of Faraday Ave and west of Melrose Dr.

Originally developed as a build-to-suit for Ionis in 2011, the existing campus now consists of a mix of office, lab, research and development and conference center spaces. On-site amenities include a 5.6k sf fitness center, a full-size basketball and volleyball court and vehicle charging stations.

The transaction initiates a long-term partnership, as Ionis will leaseback the existing campus for 15 years and has committed to a 165k sf build-to-suit. Oxford is under contract to acquire the eight-acre site across Whiptail Loop, where construction is estimated to commence early 2023 with completion scheduled for early 2025.

CBRE’s Matthew Carlson, Hunter Rowe, Todd Tydlaska, and the firm’s Boston Consulting team of Anthony Hayes and Jared Pimm, represented Ionis, a biotechnology company that specializes in discovering and developing RNA-targeted therapeutics. CBRE’s Debt & Structured Finance team’s James Millon and Zack Holderman provided financing for Oxford. CBRE’S Roger Carlson assisted the sales process with his North County leasing expertise.

The San Diego life science market is ranked third nationally behind Boston and Bay Area and consists of over 22.3 msf of inventory. The region’s life sciences sector has experienced exponential growth over the past three years due to its mature ecosystem of talent, research institutes, infrastructure, inventory and capital funding.

“San Diego is a critical market for life sciences and groundbreaking innovation,” commented Rowe. “There are very few largescale opportunities in today’s environment for capital to invest in the life sciences sector, particularly ones anchored by an established tenant with a robust late-stage pipeline, such as Ionis.”

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