To date, the company has received Prop M approval for more than 700,000 sf of office development at Mission Bay. Additionally, the company also announced that it had completed a commercial land sale at Mission Bay to the J. David Gladstone Institutes for a total consideration of $13 million. Gladstone is planning a 180,000-sf life sciences research facility.
The Gladstone Institutes is a charitable trust organized as a non-profit research organization affiliated with the University of San Francisco. The project is designated as a medical research facility in the Mission Bay Redevelopment Plan, thus not requiring it to obtain any further planning commission approvals. The facility will be located adjacent to the new UCSF campus, which currently has a 400,000 sf biotechnology building under construction and three more buildings in the design phase.
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