Kilroy Realty Co. has started construction on the second phase at Oyster Point, a premier life science campus on 50 acres in South San Francisco. One of five, the second phase will feature thee buildings totaling 860,000 square feet and represents an investment of $940 million.

Once complete, Oyster Point will total 3 million square feet and will cater to biotechnology and pharmaceutical tenants. The second phase will include a fitness facility, conference center and several food and beverage options as well as outdoor meeting areas like a large amphitheater and recreation areas.

Kilroy acquired the fully entitled land site in 2018 to expand its life science business. South San Francisco has evolved into a thriving tech and life science hub, and several other developers are planning major projects in the area. In May, Phase 3 Real Estate Partners and Bain Capital Real Estate secured more than $400 million in construction financing for Genesis Marina, a 8.7-acre 570,000-square-foot life science campus in Brisbane, a life science cluster in South San Francisco. The mature market is rated second in the country for life science, and as a result there is limited new development activity.