Oxford Properties Breaks Ground on 165 KSF Life Science Expansion

Oxford Properties acquired the Ionis campus in October 2022, and is now working on its expansion. Image courtesy of CNW Group and Oxford Properties Group

Oxford Properties Group has broken ground on a 165,000-square-foot life science facility in Carlsbad, Calif. The project is part of the existing Ionis Pharmaceuticals life science campus and headquarters, which currently includes some 250,000 square feet of office and lab space.

Located at 2830 Whiptail Loop in San Diego’s North County, the development will feature purpose-built lab and office space. Ionis, a biotech company leading in RNA-targeted therapeutics, will utilize the facility expansion for drug research, technology, development and delivery.

UC San Diego, San Diego State University, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute are all in proximity, contributing to the strong workforce in the area. Nearby firms include Genentech, Novartis and Thermo Fisher Scientific. Downtown San Diego and the San Diego International Airport are approximately 36 miles south.

The project has an expected completion date in 2025. It will contribute toward Oxford’s current San Diego life science portfolio, which totals more than 900,000 square feet. The company first entered the market in February last year with a $464 million, 13-building acquisition.

A long-term leaseback deal

The campus features chemistry and biology labs, offices and R&D support systems and technology. Upon the delivery of the newest facility, it will include more than 400,000 square feet across four buildings.

Oxford initially acquired the Ionis campus in October of last year in a purchase and long-term leaseback deal. Ionis sold the three-building portfolio to Oxford for $258.4 million. At the time, the biotech company agreed to a 15-year lease. The other facilities in the 18.4-acre campus are at 2850, 2855 and 2859 Gazelle Court. They were completed between 2011 and 2021.