Picture by Sven Mieke through Unsplash
Prologis intends to develop a two-building, 550,000-square-foot workplace and laboratory campus on three adjoining properties it owns in South San Francisco, Calif., San Francisco Enterprise Occasions first reported. To that finish, the agency has submitted an software with the town, searching for to merge the websites, which whole 4.7 acres, and exchange the present warehouses with two eight- and 10-story buildings, alongside a nine-story, 827-space parking storage.
Following the challenge’s approval, Prologis will demolish all current building at 101-150 and 170 Related Street in addition to 175 Sylvester Street. The parcels on Related Street will turn out to be the event web site of the complicated’s 340,600-square-foot West Constructing. On Sylvester Street, the developer plans to construct the 210,430-square-foot East Constructing, in addition to the above-ground parking storage. The properties shall be related by means of a landscaped plaza. DGA is main the challenge’s architectural design.
Slated for redevelopment
Prologis acquired the three websites in 2014, 2021 and 2022, respectively, in keeping with CommercialEdge info. On-site building at present contains:
- A 175,187-square-foot industrial constructing at 175 Sylvester Street that was constructed in 1953. At current, the area is leased to Cruise and Sunbelt Leases. The proprietor bought the constructing and its surrounding lot in 2014.
- A 27,331-square-foot distribution heart at 101-150 Related Street that’s occupied by BF Imports and Simex Worldwide. Prologis acquired the property in 2021 for $11.5 million.
- An extra 20,040 sq. ft of warehouse area at 170 Related Street. The agency picked up the asset in 2022 for $15 million.
A vigorous life science market
The plots are simply south of 100 E. Grand Ave., one other Prologis parcel the place the agency plans to construct a lately entitled 600,000-square-foot life science campus. Situated in South San Francisco’s East Facet district, the complicated shall be inside 2 miles of a dense cluster of life science and industrial properties, together with BioMed Realty’s 2.2 million-square-foot biotech campus that can also be house to an Amgen facility.
Owing to its wealth of analysis universities, hospitals and biotech headquarters, the Bay Space stays one of many nation’s largest life science markets throughout practically all of its main fundamentals. Information from a fourth quarter 2022 Newmark report reveals that the area’s pipeline has greater than doubled year-over-year to 7.7 million sq. ft on the finish of December, whereas investments totaled roughly $8.7 billion in This fall.
And the Bay Space’s life science pipeline has simply turn out to be bigger, as Longfellow Actual Property Companions lately broke floor on a 315,000-square-foot lab and workplace challenge in Milbrae. Completion is anticipated within the third quarter of 2024.
