Harrison Street and BioScience Properties, have acquired two San Diego-based life sciences properties. No financial terms were disclosed.
CHICAGO – April 2, 2020 – Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced it has acquired two newly-renovated, cutting-edge life sciences properties in San Diego’s Sorrento Mesa neighborhood. Harrison Street partnered with BioScience Properties (“BPI”), a San Diego-based fully integrated commercial real estate firm focused on life sciences in the western United States, on the transaction.
The two properties are located at 10770 Wateridge Circle and 6325 Lusk Boulevard, in Sorrento Mesa and encompass a combined total of 234,000 square feet of laboratory, manufacturing, office and research and development space. Both properties were recently converted from general office to Class A life sciences buildings, a process that included a gut rehabilitation, adding common area buildouts and an expansion at Wateridge. Sorrento Mesa is emerging as a fast-growing life sciences submarket in San Diego, which is already the third largest life sciences market after Cambridge, MA and San Francisco, and is home to a highly diverse array of life sciences companies and a highly skilled workforce. The properties’ tenants specialize in pharmaceutical manufacturing with a focus on vaccines, innovative cancer therapies and nucleic acid synthesis.
Mark Burkemper, a Senior Managing Director at Harrison Street and Head of Transactions Group – North America, said, “This transaction is reflective of Harrison Street’s commitment to supporting the life sciences sector as the need for breakthrough therapies and innovations has never been greater. We are excited to partner with BPI, a life sciences developer and operator with extensive experience and a deep presence across San Diego who brings a unique understanding of tenant needs, project requirements and nuances of lab buildouts. We look forward to identifying additional, attractive investment opportunities in the region to expand the partnership in the future.”
Steve Bollert, CEO of BioScience Properties Inc. said, “We are thrilled to be partnering with Harrison Street on the San Diego portfolio. Harrison Street brings an impressive capability and history of identifying emerging market segments and committing their financial strength to the long-term development of those markets. BPI has invested and operated assets in the San Diego life science market for the past 18 years and have seen it evolve into one of the top life science markets in the country. We look forward to continued growth and a successful partnership with Harrison Street.”
Harrison Street continues to expand its presence in the life sciences sector with investments since 2018 totaling over $2 billion in 3 million square feet of life sciences lab, research and innovation space. Earlier this year, the firm acquired the largest private life sciences portfolio in the UK. Other life sciences investments of note include the 2019 acquisition of a three-building complex in the heart of the world’s leading life sciences market, Cambridge, MA, which is directly adjacent to MIT and anchored by Pfizer, Novartis and LabCentral. The firm’s near-term pipeline remains robust for attractive life sciences opportunities.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 150-employees and approximately $24.8 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. For more information, please visit www.harrisonst.com.