{"id":1004157999,"date":"2016-11-03T03:16:46","date_gmt":"2016-11-03T11:16:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157999"},"modified":"2020-05-18T02:32:31","modified_gmt":"2020-05-18T10:32:31","slug":"the-cove-at-oyster-point-phase-iii-ready-for-kick-off","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-cove-at-oyster-point-phase-iii-ready-for-kick-off\/","title":{"rendered":"The Cove at Oyster Point Phase III Ready for Kick-Off"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"The<\/a>

The Cove at Oyster Point<\/p><\/div>\n

San Francisco\u2014<\/strong>Buoyed by the strong leasing activity of the first two phases of The Cove at Oyster Point, HCP<\/a> said it will soon begin construction of the third phase of its 1 million square-foot life science campus in the Bay Area.<\/p>\n

Phase III of the waterfront project calls for HCP to add two new Class A buildings totaling approximately 336,000 square feet at the multi-tenant life science development<\/a> in South San Francisco. Construction will begin early in 2017 with deliveries planned throughout the second half of 2018. A future fourth phase will add a seventh and final 165,000-square-foot building to the first new life science development of its kind in the South San Francisco market in over a decade. When built out, the Oyster Point Boulevard campus will have seven buildings ranging in size from 115,000 to 182,000 square feet in both single and multi-tenant building configurations.<\/p>\n

\u201cWe are extremely pleased with the leasing velocity through the first two phases of The Cove, which started construction in the first quarter of 2015,\u201d Jon Bergschneider, executive vice president of HCP Life Science Estates, said in a prepared statement. \u201cWe are now 62 percent leased overall and excited to build upon our momentum by initiating Phase III, the next logical step in the development, to provide much needed expansion space for the South San Francisco life science community.\u201d<\/p>\n

The first phase, which consists of two buildings totaling 247,000 square feet, was recently completed and is 73 percent leased. Anchor tenants Denali Therapeutics and CytomX Therapeutics arrived in August and October, respectively. Also in October, Foundry & Lux, HCP\u2019s 30,000-square-foot amenity center developed in partnership with Bon App\u00e9tit Management Co., opened to the public. It features a caf\u00e9 for morning coffee, juices and lighter fare; a large market hall with lunch options; and an evening lounge with a wood-burning pizza oven, bar, bowling lanes, pool table and outdoor fireplace. The center, a gathering spot for The Cove tenants as well as other area workers, also has a fitness center, outdoor sport courts, bocce ball and horseshoe pits.<\/p>\n

Phase II is under construction and already 50 percent leased to tenants including AstraZeneca. It consists of two buildings totaling up to 230,000 square feet, a parking structure, and retail space with a restaurant. It should be completed in late 2017. Also scheduled to open next year will be an upscale boutique and business-class hotel.<\/p>\n

When Phase II construction<\/a> was announced earlier this year, Bergschneider said the reception of the project in the marketplace had been \u201cexceptional.\u201d<\/p>\n

The Cove, which will be a pre-certified LEED Silver project, adds to HCP’s holdings in the region. HCP is already the largest life science property owner in the Bay Area with more than 5 million square feet, including more than 3 million square feet in South San Francisco.<\/p>\n

\u201cThe Cove has injected a new dynamic into the local market offering an amenity rich, Class A environment catered to the way today\u2019s life science companies work and interact,\u201d said Scott Bohn, vice president of HCP Life Science Estates.<\/p>\n

Rick Friday of CBRE Group Inc., who along with his colleague Chris Jacobs represents HCP on leasing the project, noted that the project\u2019s quality and amenity package have made The Cove a \u201cgame changer\u201d in the market.<\/p>\n

\u201cThe feedback from the market has been incredible and is driving significant interest,\u201d Friday said in prepared remarks.<\/p>\n

\u201cWith overall vacancy below 3 percent and a continued maturation of the life science industry, the number of companies interested in a new ground-up development with the quality and scale The Cove offers has grown significantly,\u201d Jacobs added.<\/p>\n","protected":false},"excerpt":{"rendered":"

HCP is already the largest life science property owner in the Bay Area, with more than 5 million square feet.<\/p>\n","protected":false},"author":1068,"featured_media":1004158000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21782,21808,21754,21752,21742,1609,15],"tags":[],"class_list":["post-1004157999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","category-featured","category-medical-office","category-mixed-use","category-latest","category-san-francisco","category-west"],"acf":[],"yoast_head":"\nThe Cove at Oyster Point Phase III Ready for Kick-Off - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-cove-at-oyster-point-phase-iii-ready-for-kick-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Cove at Oyster Point Phase III Ready for Kick-Off\" \/>\n<meta property=\"og:description\" content=\"HCP is already the largest life science property owner in the Bay Area, with more than 5 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-cove-at-oyster-point-phase-iii-ready-for-kick-off\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-03T11:16:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T10:32:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/HCPI-TheCove-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"696\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-cove-at-oyster-point-phase-iii-ready-for-kick-off\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-cove-at-oyster-point-phase-iii-ready-for-kick-off\/\",\"name\":\"The Cove at Oyster Point Phase III Ready for Kick-Off - 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