Genesis San Diego Secures First Life Science Tenant

SAN DIEGO, CA – Joint-venture partners, Barings, Phase 3 Real Estate Partners and Bain Capital Real Estate have secured their first tenant at their class A life science building in San Diego, CA.

Located at 1155 Island Ave., the eight-story office property, Genesis San Diego, spans 203,000 square feet.

Formerly known as the Thomas Jefferson School of Law, the Genesis-branded property has been transformed into a state-of-the-art life science asset. The building’s modifications and improvements include upgraded HVAC and plumbing infrastructure, a new service elevator, upgraded lab floor loads, a new lab services facility, a new top floor lounge and event space, and ready-to-occupy spec suites comprising lab and office space throughout the building.

The LEED Gold certified property also features smart building systems and green design elements.

“Barings is excited to lead the life science migration to downtown San Diego, giving tenants a highly-amenitized work, live and play environment,” says Joe Gorin, managing director and head of US acquisitions and portfolio management at Barings. “Greater San Diego is an undeniable life sciences global capital and we continue to hear from life science leaders interested in a downtown, urban destination. This investment is a prime example of Barings’ value-add real estate investment strategy focusing on creating unique, competitive assets that attract innovative tenant demand.”

“Delivering premier class A research ready life science environments that meet the needs of visionary companies continues to be our focus,” says BJ Van Aken, EVP of the West region and head of portfolio operations at Phase 3 Real Estate Partners. “As a key component of our Genesis portfolio, Genesis San Diego sits at the forefront of life science assets in greater San Diego, and provides the modern design and opportunities for innovation that will bring tenants to this exciting downtown location.”

Boasting the third largest life science cluster in the nation, the San Diego region currently houses more than 1,000 life science companies. Specifically, downtown San Diego has a growing demand for high-quality lab space due to its amenities, commutability, proximity to the Gaslamp Quarter and Petco Park, and its connections to the existing scientific community.

“Downtown San Diego has all the building blocks for a successful life science industry cluster,” states Betsy Brennan, president and CEO of the Downtown San Diego Partnership. “Our community has long known this and our 2021 Demographic Study proves it.”

Brennan adds, “Whether it’s the highly skilled talent living here, a lifestyle that can’t be beat, connectivity to our regional ecosystem of innovation, or new projects like Genesis San Diego that offer quality lab and office space, Downtown is where dreams are becoming reality.”