Strong Demand from Science and Tech Entities Fuels Leasing

Verily has subleased 407,000 rentable square feet.

SOUTH SAN FRANCISCO—The continuing demand for collaborative science campuses reflects the ongoing need for science and technology entities to translate breakthrough discoveries into cost-effective therapies that save lives, and reduce the economic burden of, manage and cure disease. As part of that life sciences influence, Verily , formerly known as Google Life Sciences , has subleased 407,000 rentable square feet from Amgen Inc. at 249/259/269 East Grand Ave., according to Alexandria Real Estate Equities . Alexandria, the real estate investment trust focused on world-class collaborative science and technology campuses in urban innovation clusters, says the recently developed campus also has two land parcels representing nearly 400,000 square feet of potential expansion space. Alexandria’s San Francisco asset base remains 100% leased, and with more than 700,000 rentable square feet in future value-creation projects in its San Francisco cluster, Alexandria is able to provide its tenants with additional expansion opportunities as well as attract new tenants. Stephen Richardson , Alexandria’s chief operating officer and San Francisco’s regional market director tells GlobeSt.com: “We are honored that Verily has chosen to expand into one of Alexandria’s world-class collaborative science and technology campuses in South San Francisco, where we can help support its mission to use technology to better understand health, as well as prevent, detect and manage disease. Verily’s sublease of the Amgen space highlights the strength of the South San Francisco office/lab market as well as the increasing convergence of life science and tech. Our San Francisco operating portfolio is 100% leased and we are tracking 2.8 million square feet of demand in the San Francisco Bay Area’s primary life science submarkets in Mission Bay, South San Francisco and Palo Alto/Stanford Research Park, which demonstrates the continued strong demand from high-quality tenants in the market.” Alexandria is a life science owner and operator in the San Francisco cluster with approximately 3.7 million of rentable square feet (including development projects) in the Mission Bay/SoMa, South San Francisco and Palo Alto/Stanford Research Park submarkets. Alexandria’s investment-grade tenants in the San Francisco region include Alphabet, Roche, Bayer, Celgene and Pfizer , as well as anchor institutions UCSF and Stanford University . “Through our long-term relationship with Google, which dates back to 1998, we have been able to provide Verily with an innovative and integrated campus solution,” says Richardson.