New renderings have been revealed for the proposed life sciences campus in Millbrae, San Mateo County. The project will add over half a million square feet with space for over two thousand employees, across from the mixed-use Gateway at Millbrae Station development. Greystar is partnering with Alexandria Real Estate Equities, a major investor in biotech projects across the nation.
Construction has topped out for the new R&D office building at 751 Gateway Boulevard in South San Francisco. The project has replaced a large surface parking lot in the city center, expanding the Gateway Campus owned by Alexandria Real Estate Equities and Boston Properties. The development is a joint venture between the two developers.
The City Planning Commission has approved amended plans for a new life sciences research building for 1450 Owens Street in Mission Bay, San Francisco. The approved project will bring over 175,000 square feet onto the 1.13-acre lot, rising 109 feet above street level. The busy Alexandria Real Estate Equities (ARE), the largest real estate investment trust (REIT) for life science real estate in the USA, is responsible for the development.
Singapore’s Ascendas Real Estate Investment Trust, or Ascendas REIT, recently purchased two buildings in San Francisco for $572 million. Alexandria Real Estate Equities (ARE) and TMG Partners are on the other end of the move, parting with their partnered ownership of 505 Brannan Street and 510 Townsend Street in the SoMa neighborhood. This transaction follows the pair’s recent success in selling the 945 Market Street mall to Ikea. The deal marks Ascendas’ introduction to the Bay Area real estate market.
Permits have been filed for new medical offices at 1450 Owens Street in the neighborhood of Mission Bay, located just outside of Downtown San Francisco. The permit calls for the construction of a new mixed-use life sciences lab. The building will have approximately 131,000 square feet of space of life science research space, 49,998 square feet of office space, and 2,600 square feet of ground-floor retail space. The structure will stand 109 feet tall, with a 20-foot tall mechanical penthouse situated atop the building. The structure is on a 1.13-acre lot.
