{"id":1004364599,"date":"2019-10-31T05:57:06","date_gmt":"2019-10-31T13:57:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004364599"},"modified":"2019-11-05T08:31:38","modified_gmt":"2019-11-05T16:31:38","slug":"biomed-secures-tenant-for-200-ksf-san-diego-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/","title":{"rendered":"BioMed Secures Tenant for 200 KSF San Diego Project"},"content":{"rendered":"
\"\"<\/a>

Kevin Tremblay, Senior Director, BioMed Realty. Image courtesy of Biomed Realty<\/em><\/p><\/div>\n

BioMed Realty has commenced construction of APEX, a 204,000-square-foot development in San Diego’s University Towne Center tech and life sciences hub, and already, the national life sciences real estate company has found a tenant to occupy the property in its entirety. BioMed signed a Fortune 50 company to a long-term lease of the project.<\/p>\n

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READ ALSO<\/strong>: LaSalle Enters Life Sciences Market<\/a><\/p>\n

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APEX. Image courtesy of Biomed Realty<\/em><\/p><\/div>\n

Apex will take shape at 9775 Towne Center Drive, a property BioMed acquired as part of an $83.9 million portfolio purchase from Arden Realty in 2015. The address had been home to a 105,000-square-foot building that was developed in 1986 and sat vacant at the time of its acquisition. APEX will take the now demolished facility’s place, rising four stories and offering a host of state-of-the-art features designed to entice the industry’s top talent. BioMed’s securing of a full-building tenant at APEX at the start of construction activity is indicative of the current state of the San Diego life sciences market.<\/p>\n

“Venture capital investment in San Diego’s life sciences sector continues to fuel start-ups, as well as support the growth of existing companies. This has resulted in more demand than we have seen in more than a decade,”<\/em> Kevin Tremblay, senior director with BioMed Realty, told Commercial Property Executive<\/em>. “Currently, we are in a supply-constrained market, especially in the submarkets of Torrey Pines and UTC. We expect conditions to remain the same through much of 2020.”<\/em> APEX is on schedule to reach completion in 2021.<\/p>\n

Closing the gap<\/strong><\/h2>\n

San Diego is one of the top life sciences hubs<\/a> in the U.S., trailing only Boston-Cambridge and the San Francisco Bay Area, and developers are racing to respond to the increasing demand for related accommodations. There’s just one hindrance to the growth plan: space.<\/p>\n

“There is a lack of developable land in San Diego as a region and the challenge is significantly greater in the core life sciences submarkets of Torrey Pines, UTC and Sorrento Mesa,”<\/em> Tremblay said. “In response, BioMed Realty continues to deliver high-quality offerings to our tenant partners and is active in acquiring office and industrial projects which we reposition to Class A life sciences campuses.”<\/em><\/p>\n

Recently, BioMed, a Blackstone portfolio company, acquired more than 230,000 square feet at two campuses in Sorrento Mesa; the company plans to begin redeveloping the properties in 2020. In September, BioMed celebrated the grand opening of the Center for Novel Therapeutics<\/a> at the University of California San Diego\u2019s Science Research Park campus, the result of a $92 million investment from the company. With the APEX project underway, BioMed’s San Diego life sciences portfolio totals approximately 3 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Fortune 50 company inked a long-term deal to serve as the sole occupant of APEX, a state-of-the-art life sciences property currently under construction. <\/p>\n","protected":false},"author":969,"featured_media":1004364605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21782,21742,21747,1608,15],"tags":[32854,33129],"class_list":["post-1004364599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-development","category-latest","category-office","category-san-diego","category-west","tag-biomed-realty","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nBioMed Secures Tenant for 200 KSF San Diego Project - 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\/biomed-secures-tenant-for-200-ksf-san-diego-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BioMed Secures Tenant for 200 KSF San Diego Project\" \/>\n<meta property=\"og:description\" content=\"A Fortune 50 company inked a long-term deal to serve as the sole occupant of APEX, a state-of-the-art life sciences property currently under construction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/\" \/>\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=\"2019-10-31T13:57:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-05T16:31:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/APEX-San-Diego.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\/biomed-secures-tenant-for-200-ksf-san-diego-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/\",\"name\":\"BioMed Secures Tenant for 200 KSF San Diego Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/APEX-San-Diego.jpg\",\"datePublished\":\"2019-10-31T13:57:06+00:00\",\"dateModified\":\"2019-11-05T16:31:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/biomed-secures-tenant-for-200-ksf-san-diego-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/APEX-San-Diego.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/APEX-San-Diego.jpg\",\"width\":800,\"height\":620,\"caption\":\"APEX. 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