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Downtown San Diego’s First Lab Lease – Full Floor in Repositioned Building
Genesis Branded Transformation is a Barings/Phase 3 Real Estate Partners/Bain Capital Real Estate Joint Venture
CHARLOTTE, NC and SAN DIEGO, June 21, 2022 /PRNewswire/ — Barings, one of the world’s largest diversified real estate investment managers, along with Phase 3 Real Estate Partners and Bain Capital Real Estate, announced today its joint venture has signed its first tenant to Genesis San Diegoa premier Class A life science building in Downtown San Diego, California.
Formerly known as The Thomas Jefferson School of Lawthis approximately 203,000 square foot, 8-story office building located at 1155 Island Avenue has been transformed into a state-of-the-art life science property. Modifications and improvements include upgraded HVAC and plumbing infrastructure (including VRF heating and cooling systems, new exhaust fans, 100% outside air for lab areas, and needlepoint bipolar ionization) along with a new 5,000 lb. service elevator and upgraded lab floor loads. Additional enhancements include a new lab services facility with a glass wash, autoclave and staffed shipping and receiving room, a top floor lounge and event space, and ready-to-occupy ‘spec suites’ consisting of 50% lab / 50% office built out in various sizes throughout the building.
“Barings is excited to lead the life science migration to Downtown San Diegogiving tenants a highly amenitized work, live and play environment,” said Joe GorinManaging Director, Head of US Acquisitions and Portfolio Management for Barings. “Greater San Diego is an undeniable life sciences global capital and we continue to hear from life science leaders interested in a downtown, urban destination. This investment is a prime example of Barings’ value-add real estate investment strategy focusing on creating unique, competitive assets that attract innovative tenant demand.”
“Delivering premier Class A research ready life science environments that meet the needs of visionary companies continues to be our focus,” added BJ…
Full story available on Benzinga.com
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