Healthpeak Properties has started construction on a new life science property in San Diego. The property, known as Sorrento Gateway, is a 163,000-square-foot class-A life science property in Sorrento Mesa. This is Healthpeak's third ground-up development in the market since 2020.

The development is reflective of the strong demand for life science space in San Diego and specifically in the Sorrento Mesa submarket. San Diego is one of the top three life science markets in the country with more than 20 million square feet of inventory and more than a dozen research institutes and universities that help to attract billions in capital investment to the market. Life science employment is double the national average at 13.5%. The industry provides $33 billion in economic impact and has provided the county with nearly 50,000 jobs.

This sector has also fueled success for Healthpeak Properties. Sorrento Gateway is located next to the investor's fully leased 196,000-square-foot life science building. Healthpeak has also completed the pre-leasing of The Boardwalk and Callan Ridge campuses in the Torrey Pines submarket. This week, the developer signed a long-term lease with Turning Point Therapeutics Inc. for the entire Callan Ridge densification project, which is located in Healthpeak Properties Inc.'s more than 20-acre Torrey Pines Science Park in San Diego's Torrey Pines submarket. Callan Ridge is a 185,000-square-foot, two-building campus currently under construction. The class-A campus will feature flexible floorplates, as well as building systems designed to support life science uses. Turning Point Therapeutics' lease is expected to commence upon construction completion of Callan Ridge, at the end of 2022.