BioMed Realty also closes a $430 million financing on the first phase of Gateway of Pacific after executing a long-term lease with AbbVie Inc. for 480,000 square feet
BioMed Realty also closes a $430 million financing on the first phase of Gateway of Pacific after executing a long-term lease with AbbVie Inc. for 480,000 square feet
SAN DIEGO, March 20, 2019 /PRNewswire/ -- BioMed Realty, a Blackstone portfolio company and a leading provider of real estate solutions for the life science industry, announced today that it has commenced construction on Phase II of the multi-phase, 1.5 million square foot Gateway of Pacific campus. The campus is located at the front door of South San Francisco, one of the largest ecosystems of leading life science and research institutions in the world. The second phase will add in excess of 430,000 square feet to the landmark development, bringing total Class A space to almost one million square feet upon completion. Conceived as “Science around a Park,” the Gateway of Pacific campus features a first-class, 50,000 square foot amenity center with multiple dining options, a health club and spa, informal meeting spaces, and a variety of outdoor recreational areas, all within easy walking distance of each building.
Phase II of this state-of-the-art campus provides modern, efficient designs to support the ongoing growth and unique needs of companies conducting breakthrough science and research. This latest phase is comprised of two interconnected eight and nine story buildings with flexible floorplates to allow for seamless integration of laboratory and office space.
“The fundamentals of the Bay Area life science industry could not be stronger with an array of firms focused on cutting-edge innovation,” remarked Jon Bergschneider, BioMed Realty’s Executive Vice President and Chief Development Officer. “The second phase at Gateway of Pacific in South San Francisco will help these firms grow in a world class, amenity-rich environment. These purpose-built facilities are designed to allow leading scientists and institutions an exceptional location to conduct their mission critical research, and provide companies a campus that they can use to attract and retain talent.”
In addition, BioMed Realty announced that it has closed on a new $430 million financing for Phase I of the Gateway of Pacific campus, following the recently executed 480,000 square foot lease with AbbVie Inc. representing 94% of Phase I. The financing was provided by a syndicate of banks, led by JPMorgan Chase Bank, and arranged by Eastdil Secured. Construction of Phase I broke ground in May 2017, and completion of core and shell work is expected in the second half of 2019.
“We are extremely pleased with the strong execution on the financing front,” said John Lu, Executive Vice President and Chief Financial Officer of BioMed Realty. “We thank JPMorgan and our other banking partners for their strong support of this important new development.”
About BioMed Realty
Founded in 2004 and a Blackstone portfolio company since 2016, BioMed Realty owns and operates high quality life science real estate comprising in excess of 11 million square feet in the leading innovation markets in the United States and United Kingdom, led by Boston-Cambridge, San Francisco, San Diego, Seattle, New York and Cambridge U.K. BioMed Realty maintains a premier development platform with in excess of two million square feet of Class A properties in active construction to meet the growing demand of the life science industry. With over 200 tenant partners, BioMed Realty provides real estate solutions for global enterprises, leading universities and premier research institutions. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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