Construction has started with excavation work well underway for a new six-story life sciences complex at 405 Industrial Road in San Carlos, San Mateo County. The project, now named Portal 405, is one of several life science projects rising along Industrial Road, contributing to a new life sciences hub in the San Francisco Peninsula market. Menlo Equities and Beacon Capital Partners are joint venture partners for the project.
405 Industrial Road excavation underway, image by author
405 Industrial Road terrace view, rendering by Menlo Equities
Rick Holmstrom, Managing Partner of Menlo Equities, said of their plan to build more life sciences on the Peninsula, “San Carlos is an important and prominent life science hub, and we look forward to complementing the existing ecosystem with a new state-of-the-art facility that will attract forward-thinking life science users.” One of the first major projects for the burgeoning market is the 552,000-square-foot Alexandria Center for Life Sciences in San Carlos. Presidio Bay Ventures has made rapid progress in constructing the four-story life science structure at 777 Industrial Road.
The six-story building will yield around 411,670 square feet with 205,270 square feet of occupiable area and 206,400 square feet for the 458-car garage. The garage will occupy two below-grade levels under the 2.4-acre plot of land. The rest of the structure will rise on 1.2 acres, with about 40% of the leasable area for office use and 60% for life science laboratories. Additional parking will be included for 82 bicycles.
405 Industrial Road, rendering by RMW
405 Industrial Road pedestrian bridge site map, illustration by RMW
RMW Architecture is the project architect. Renderings show the project will be wrapped with curtain-wall glass skin articulated with thin metal framing and horizontal mullions. Floorplans show how the building will conform to the irregular-shaped parcel, with a series of corners facing Freeway 101 off-ramp and Holly Street. A pedestrian pathway will connect the site with the corner of Industrial Road and Holly Street.
Steve Purpura, President of Life Sciences at Beacon Capital Partners, shared for the project groundbreaking, “we believe in the strength of this location and the continued growth of the life science sector here. We are excited to begin construction on Portal 405 and create a new home for innovation by leading life science companies.”
405 Industrial Road site map, illustration by RMW
405 Industrial Road, image by author
Demolition has occurred for the former San Carlos Mini Storage complex, clearing up the 2.4-acre parcel. CBRE and Cushman & Wakefield will be responsible for leasing. IMEG Corporation is supporting the project as the structural engineer.
405 Industrial Road was acquired by Menlo Equities and Beacon Capital Partners in March of 2021. The property is currently a self-storage facility. Once complete, the building will be able to host up to 685 employees at a time. Completion is expected by late 2024.
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Excellent! This particular part of the Bay Area is unusually underbuilt for its location and the price of housing.
Since Caltrain is down to under 25% of pre-Covid usage, these types of projects are the only thing that may increase CalTrain usage.