Boston Properties has secured a full-building lease at 751 Gateway, its life science development in South San Francisco. An unnamed leading biotech company has signed a lease for 229,000-square-foot lease for the building, which is currently under construction and will deliver in 2024.

751 Gateway is the first phase of a multi-phase life science project called Gateway Commons in South San Francisco. Boston Properties is developing the property in a joint venture with Alexandria Real Estate Equities, and it will own a 49% stake in the development upon completion.

The lease is another example of the fervent demand for life science space in the Bay Area—and capital is pouring into the area to respond. In November, IQHQ acquired Elco Yards, a fully entitled and shovel-ready office and life science development site in Downtown Redwood City. The plans allow for four buildings totaling 600,000 square feet and two residential buildings with 540 units, 147 of which will be reserved for affordable housing. The project is the first of its kind in the market.