{"id":1004565082,"date":"2022-01-27T09:23:55","date_gmt":"2022-01-27T17:23:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004565082"},"modified":"2022-12-08T21:09:29","modified_gmt":"2022-12-09T05:09:29","slug":"biotech-firm-takes-space-at-bay-area-life-science-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/biotech-firm-takes-space-at-bay-area-life-science-campus\/","title":{"rendered":"Healthpeak Lands Key Tenant at Bay Area Life Science Project"},"content":{"rendered":"
\"\"<\/a>

Rendering of Nexus on Grand. Image courtesy of Flad Architects<\/p><\/div>\n

Healthpeak Properties<\/strong> has signed a tenant at one of its upcoming life science projects in South San Francisco. Gene editing company Graphite Bio<\/strong> has agreed to occupy three floors at Nexus on Grand, currently under construction and set to open in 2023.<\/p>\n

A team of Savills<\/strong> brokers\u2014led by Executive Vice President and Head of Life Sciences Austin Barrett<\/a>\u2014 represented Graphite Bio in the lease negotiations. CBRE<\/strong> acts as leasing manager for Healthpeak\u2019s property.<\/p>\n

Healthpeak started construction of Nexus on Grand last year, adding to its significant Bay Area footprint\u2014over 6 million square feet according to CommercialEdge<\/strong>, some of which is under development.<\/p>\n

The five-story, 148,500-square-foot building is located at 233 E. Grand Ave., in the heart of South San Francisco\u2019s massive life science cluster. On-campus amenities include a fitness facility and caf\u00e9, while the nearby area offers multiple other dining, shopping and entertainment options. Nexus on Grand also includes a covered parking structure with a ratio of 2.7 spaces per 1,000 square feet. Flad Architects provided architectural and design services for the developer. The building is planning to achieve LEED Silver.<\/p>\n

Lease details<\/h2>\n

Graphite Bio plans to move its headquarters and research hub from its current location at 201 Haskins Way, a building owned by Alexandria Real Estate Equities<\/strong>. The gene editing company focuses on developing therapies for genetic diseases and has announced the move as its next growth phase. The larger space will be purpose-built according to the company\u2019s specific needs, according to a prepared statement from Jerry Cacia, Chief Technical Officer at Graphite Bio.<\/p>\n

According to a document filed with the SEC, the lease agreement commenced its 10-year term in December last year. Graphite Bio will occupy a total of 85,165 square feet, roughly 57 percent of the entire building. The agreement specifies an annualized base rate of $82.80 per rentable square foot per year, subject to grow annually by 3.5 percent.<\/p>\n

A good year for the sector<\/h2>\n
\"\"<\/a>

The upcoming Vantage campus. Rendering courtesy of Healthpeak Properties.<\/p><\/div>\n

Life science clusters nationwide experienced massive growth<\/a> last year in the wake of the global health crisis. Top markets like the Bay Area attracted a surge of new development. Demand remains high, with research from Savills showing that vacancy for life sciences and biotech space is less than 2 percent in the Bay Area.<\/p>\n

Healthpeak Properties currently has three other projects under construction in the region. In November, the REIT started work on another campus, Vantage, which is also set for a 2023 completion. The 343,000-square-foot development<\/a> is situated less than a mile from Nexus on Grand and is estimated to cost $393 million. In Brisbane, Healthpeak is also constructing The Shore at Sierra Point, another life science campus planned to offer 616,000 square feet.<\/p>\n

Several other large projects are underway in the market. Some of the largest include Kilroy Realty Corp.\u2019s <\/strong>$940 million Oyster Point<\/a> (3 million square feet), BioMed Realty\u2019s <\/strong>Gateway of Pacific<\/a>(2.2 million), and Alexandria Real Estate Equities\u2019 and Boston Properties<\/strong>\u2019 229,000-square-foot expansion of The Gateway Campus.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Graphite Bio will move its headquarters to Nexus on Grand.<\/p>\n","protected":false},"author":1284,"featured_media":1004528783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,1609,15],"tags":[51536,48302,34107],"class_list":["post-1004565082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-san-francisco","category-west","tag-graphite-bio","tag-healthpeak-properties","tag-savills"],"acf":[],"yoast_head":"\nHealthpeak Lands Key Tenant at Bay Area Life Science Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Gene editing company Graphite Bio agreed to occupy 85,165 square feet at Healthpeak's Nexus on Grand in South San Francisco.\" \/>\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\/biotech-firm-takes-space-at-bay-area-life-science-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Healthpeak Lands Key Tenant at Bay Area Life Science Project\" \/>\n<meta property=\"og:description\" content=\"Gene editing company Graphite Bio agreed to occupy 85,165 square feet at Healthpeak's Nexus on Grand in South San Francisco.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/biotech-firm-takes-space-at-bay-area-life-science-campus\/\" \/>\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=\"2022-01-27T17:23:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:09:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Nexus-on-Grand.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=\"Tudor Scolca\" \/>\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\/biotech-firm-takes-space-at-bay-area-life-science-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/biotech-firm-takes-space-at-bay-area-life-science-campus\/\",\"name\":\"Healthpeak Lands Key Tenant at Bay Area Life Science Project - 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