Design review permits have been filed for the four-story research and development space at 600 Bancroft Way in Southwest Berkeley, Alameda County. The project would bring a quarter million square feet of office space for the life science industry during a period of high vacancies but signs of optimism for prospective developers. Burlingame-based Woodstock Development is responsible for the application on behalf of the property owner, Invesco Real Estate.
600 Bancroft Way corner view, rendering by HGA
600 Bancroft Way overlooking the Aquatic Park pathway, rendering by HGA
In Newmark’s Bay Area Life Science market overview report on the fourth quarter of 2024, the group’s outlook showed cautious optimism for a strengthening market, citing the “shift in interest rate policy, pent-up demand, and the deployment of previously sidelined capital.” As of the last quarter of 2024, the Life Science market in the Bay Area reached a vacancy of 27.9%, up from 27% during the last quarter. No new life science projects broke ground in 2024. Several major direct leases, renewals, and expansions occurred throughout last year, and that leasing momentum is expected to carry into this new year.
The 92-foot tall structure is expected to yield 400,520 square feet, including 247,250 square feet of lab space, 11,350 square feet of outdoor space, and 149,550 square feet across the five-level garage. Parking will be included for 512 cars. Bicycle parking is included, though the exact capacity is not specified. HGA is the architect, and Groundworks Offices is the landscape architect.
600 Bancroft Way seen from across the Aquatic Park lagoon, rendering by HGA
600 Bancroft Way, image via Google Satellite
Demolition will be required for the existing 47,800 square feet of office lab space. The 2.93-acre parcel is located across from Aquatic Park and next to Berkeley Commons, the sciences project at 600 Addison Street developed by Lane Partners and LB2 Partners. According to a report from Berkeleyside last November, the campus is still empty.
The waterfront property was sold to Invesco Real Estate in 2021 for $39.4 million. Invesco is an international real estate investor based in Atlanta. The previous owner, Thor Equities, purchased the site in 2018 for $17.5 million.
The estimated cost and timeline for construction have yet to be shared.
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A handsome design. Nice to bring commercial uses (and tax revenue) to Berkeley. I hope they improve the pathway and public space on that side of aquatic park. So much potential to bird watch and to provide some buffer from the highway.
They already did improve the pathway between the road and lake with new facilties, bike/walk path and landscaping.
Yep, it’s pretty nice now!
This commercial development will only generate tax revenue for The City of Berkeley if it is leased after completion. This development will be adding to the surplus of lab/life science office space already on the market. In case you missed it above, the life sciences campus at 600 Addison Street is still empty.
it’s like hockey. skate to where the puck is going to be, not where it is right now.
it’ll take years to complete a project of this size. read the article. they’re looking at recent trends and starting the process now, not waiting for the peak to hit first (which means by the time of completion they might catch the market in another downturn).
I like that they are doubling down on lab space in Berkeley before the CRISPR revolution.