Burnham Institute Signs $12M Sublease

TORRY PINES, CA-The Burnham Institute has signed a 66-month, $12.4-million sublease for 74,557 sf of laboratory space. The property is only three years old and is located at 3010 Science Park Rd. The building is part of the former Biogen Idec space, made available when that company vacated for the new office campus it built.The sublease market has seen strong activity of late, according to a broker who worked on the deal. “We’ve had quite a few life science properties coming on the market,” says Brent Jacobs of Burnham Real Estate Oncor International. The Burnham Institute is an independent, nonprofit research center dedicated to life sciences research. The institute is home to three research centers: cancer, neuroscience and infectious diseases. “This is R&D space and has administrative space as well,” Jacobs says. “The property is very specialized. It was built out for biology uses and there are also areas with chemical hoods.”Jacobs tells Globest.com that the Burnham Institute already has 220,000 sf across the street from the subleased space and this is additional space–another sign of growth for the booming biotech industry. Jacobs says Torry Pines contains the most concentrated area for the biotech industry in the entire country and it’s positioned to get stronger. “The life sciences area and its laboratory market are tightening up,” Jacobs says. “We’re in the single digits for vacancy now.” He adds that the area is bolstered by the passage of Prop 71, which commits $3 billion of funds to stem cell research. He says to look for a couple more leases to consummate in the next two weeks.Jacobs, Greg Bisconti and Brian Cooper of Burnham Real Estate Oncor International represented both Burnham Institute and Biogen Idec in the deal. The property is owned by Alexander Real Estate Equities, a publicly owned REIT. Burnham Institute will be offering a portion of the property for a short-term sublease, with Jacobs, Bisconti and Cooper marketing the space. Also, they’re marketing the remaining 91,000 sf of former Biogen Idec space. This remaining property is an administration and headquarters facility.