{"id":1004665404,"date":"2023-05-29T05:41:07","date_gmt":"2023-05-29T13:41:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004665404"},"modified":"2023-06-23T02:26:27","modified_gmt":"2023-06-23T10:26:27","slug":"san-diego-life-science-project-gets-265m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-life-science-project-gets-265m\/","title":{"rendered":"San Diego Life Science Project Gets $265M"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"5731\" height=\"3648\" alt=\"Rendering of Pacific Center\" class=\"wp-block-jetpack-slideshow_image wp-image-1004665415\" data-id=\"1004665415\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg 5731w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?resize=300,191 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?resize=768,489 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?resize=1024,652 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?resize=1536,978 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-1.jpg?resize=2048,1304 2048w\" sizes=\"(max-width: 5731px) 100vw, 5731px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Rendering of Pacific Center. All images courtesy of Sterling Bay<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"5000\" height=\"2813\" alt=\"Rendering of Pacific Center\" class=\"wp-block-jetpack-slideshow_image wp-image-1004665416\" data-id=\"1004665416\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg 5000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?resize=1024,576 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?resize=1536,864 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-2.jpg?resize=2048,1152 2048w\" sizes=\"(max-width: 5000px) 100vw, 5000px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Rendering of Pacific Center<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"3725\" height=\"2787\" alt=\"Rendering of Pacific Center\" class=\"wp-block-jetpack-slideshow_image wp-image-1004665417\" data-id=\"1004665417\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-3-e1685356403724.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Rendering of Pacific Center<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"5000\" height=\"2812\" alt=\"Rendering of Pacific Center\" class=\"wp-block-jetpack-slideshow_image wp-image-1004665418\" data-id=\"1004665418\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg 5000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?resize=1024,576 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?resize=1536,864 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-4.jpg?resize=2048,1152 2048w\" sizes=\"(max-width: 5000px) 100vw, 5000px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Rendering of Pacific Center<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"5000\" height=\"2812\" alt=\"Rendering of Pacific Center\" class=\"wp-block-jetpack-slideshow_image wp-image-1004665419\" data-id=\"1004665419\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg 5000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?resize=1024,576 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?resize=1536,864 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/pacific-center-san-diego-5.jpg?resize=2048,1152 2048w\" sizes=\"(max-width: 5000px) 100vw, 5000px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Rendering of Pacific Center<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<p><strong>Sterling Bay<\/strong>, in partnership with <strong>Harrison Street<\/strong>, has secured $265 million in construction financing for Pacific Center, a five-building life science project in the Sorrento Mesa submarket of San Diego. <strong>Bank OZK<\/strong> originated financing for the development, which broke ground last week. The $650 million campus is designed by <strong>Gensler<\/strong> and will be developed in multiple phases during the next four years, with the first phase, encompassing some 500,000 square feet, expected to be completed in the last quarter of 2024.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/getting-in-the-heads-of-life-science-clients\/\">Getting Into the Heads of Life Science Clients<\/a><\/p>\n<hr \/>\n<p>This is not Sterling&#8217;s first project with partners Harrison Street. The companies have recently completed two life science developments, in San Diego and Chicago, totaling 1 million square feet. Other projects are expected to be announced in Philadelphia, Denver and Raleigh-Durham, according to Sterling Bay.<\/p>\n<p>While San Diego\u2019s demand for life science products reached a critical point, Pacific Center will be a needed product that will also support the growth of research industries in the area, said Sterling Bay CEO Andy Gloor in prepared remarks.<\/p>\n<p>Pacific Center will comprise several lab buildings, a mass-timber amenity space totaling 28,000 square feet and a 1,700-spot parking facility. The buildings will provide fully equipped research capabilities, creative office spaces, indoor and outdoor areas, conference rooms and a fitness center.<\/p>\n<h2>A growing life science pipeline<\/h2>\n<p>Sterling Bay purchased the two development sites located at 5975 and 9985 Pacific Heights Blvd. in 2021 from City Office REIT Inc., according to CommercialEdge. Situated on 8 acres, the development will be close to interstates 5 and 805, some 15 miles from downtown San Diego and within 17 miles of San Diego International Airport.<\/p>\n<p>Together with the Bay Area, San Diego remains one of the West Coast&#8217;s top life science markets. Earlier this month, DivcoWest paid $86 million for a <a href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-pays-86m-for-san-diego-life-science-asset\/\">facility in Torrey Pines, Calif.<\/a>, near the University of California, San Diego. Elsewhere in the metro, in the first quarter of 2023, <a href=\"https:\/\/www.commercialsearch.com\/news\/bentallgreenoak-buys-san-diego-life-science-facility\/\">BentallGreenOak acquired<\/a> a life science asset while <a href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-life-science-project-lands-203m\/\">Longfellow Real Estate Partners secured<\/a> more than $200 million for a similar project.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p>Bank OZK provided financing for the $650 million development.<\/p>\n","protected":false},"author":2991,"featured_media":1004665417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21793,21742,21747,1608,21786,15],"tags":[41597,33789,44141,33248],"class_list":["post-1004665404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-multimedia","category-latest","category-office","category-san-diego","category-sustainability","category-west","tag-bank-ozk","tag-city-office-reit","tag-harrison-street","tag-sterling-bay-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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