Formerly known as The Thomas Jefferson School of Law, this approximately 203,000 square foot, 8-story office building at 1155 Island Avenue has been converted into a state-of-the-art life sciences 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 needle-tipped bipolar ionization), a new £5,000 service elevator and improved lab floor loads. Other improvements include a new laboratory service facility with a glass washing facility, autoclave and staffed shipping and receiving room, a top floor lounge and event space, and turnkey “Specification Suites” that are 50% labs and 50% offices of various sizes throughout the building.
“Barings looks forward to leading the life science migration Downtown San Diegowhich provides tenants with a highly amenified working, living and playing environment,” he said Joe Gorin, Managing Director, Head of US Acquisitions and Portfolio Management for Barings. “Greater San Diego is an undeniable global life sciences capital, and we continue to hear from life sciences leaders interested in a downtown, urban destination. This investment is an excellent example of Barings’ value-add real estate investment strategy, which focuses on creating unique, competitive assets that attract demand from innovative tenants.”
“Our focus remains on delivering best-in-class, research-ready, Class A life science environments that meet the needs of visionary companies,” added BJ Van Aken, Executive Vice President, West and Head of Portfolio Operations for Phase 3 Real Estate Partners. added. “As a key component of our Genesis portfolio, Genesis San Diego is at the forefront of life science assets in Greater San Diegoand offers the modern design and opportunities for innovation that will bring renters to this exciting downtown location.”
Life sciences are an important driver of San Diego’s innovation economy. The region is home to more than a thousand life sciences companies and as the third largest life sciences cluster in the country, there is greater demand for high quality laboratory space San Diego keeps increasing. While suburban Torrey Pines and Sorrento Mesa have historically responded to the need for life science facilities, Downtown San Diego is poised to become the next life sciences hub for more San Diego Given its unmatched amenities, proximity to the popular Gaslamp Quarter and Petco Park, important connections to the existing scientific community such as the new UCSD satellite building, and transportation access via the Blue Trolley line extension.
“Downtown San Diego has all the building blocks for a successful life science industry cluster,” he added Betsy Brennan, President and CEO of the Downtown San Diego Partnership. “Our community has known this for a long time and our 2021 demographic study proves it. Whether it’s the highly qualified talent living here, an unbeatable lifestyle, the connection to our regional innovation ecosystem or new projects Genesis San Diego offering quality lab and office space, Downtown is where dreams come true.”
Genesis San Diego represents a commitment to sustainability, tenant health and well-being and digital connectivity. The development includes intelligent building systems, green design elements and is currently LEED Gold.
Barings is a $371 billion* global investment manager that uncovers differentiated opportunities and builds long-term portfolios across public and private fixed income, real estate and specialty equity markets. With investment professionals based in North America, Europe and Asia Pacific, the Company, a subsidiary of MassMutual, aims to serve its customers, communities and employees and is committed to sustainable practices and responsible investments. Learn more at www.barings.com.
* Assets under management as of March 31, 2022
Genesis is a life science real estate brand that leverages the deep experience and global breadth of its owners’ partnership to create an environment focused on meeting the needs of its tenants to accelerate their game-changing discoveries. Genesis’ unique integrated company, which owns Genesis, combines Phase 3 Real Estate Partners’ decades of life science property development and tenancy experience with Bain Capital’s pioneering value-add investment approach and the firm’s decades of leadership in the… Health and life sciences industry. At Genesis, we strive relentlessly to not only create the right environment today, but through our deep industry partnerships and investments, to create the best environment for cultivating the undiscovered advances in science of tomorrow.
About Phase 3 Real Estate Partners
Phase 3 Real Estate Partners, Inc., (“Phase 3”) is developing world-class, move-in ready research and development facilities in major innovation clusters The United States. Phase 3’s focus on delivering the highest quality space with accelerated occupancy rates in these key regions will enable companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community, and adequate infrastructure to meet the needs of the businesses that call our facilities home. The company’s expertise in designing, building and managing life science facilities results in a strong partnership between our tenants and our team. Phase 3’s current portfolio is nearly 4.5 million square feet and continues to grow San Diego, san francisco and Boston.
About Bain Capital Real Estate
Founded in 2018, Bain Capital Real Estate invests in often hard-to-access sectors underpinned by ongoing secular trends that are driving long-term demand growth for real estate investments and services. Bain Capital’s real estate team has been executing its strategy since 2010 (formerly as part of Harvard Management Company) after over-investing and committing $6.8 billion of equity in more than 550 assets across multiple sectors including more than $1.7 billion in over 6.8 million SF of life sciences assets. Bain Capital Real Estate focuses on small to mid-sized assets, where the team uses its extensive industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy is consistent with the value-added investment approach pioneered by Bain Capital, leveraging the firm’s global platform and significant experience across asset classes to further leverage its insights and sourcing capabilities strengthen.