Freenome Downsizes Pre-Lease at Bay Area Life Science Campus

In what may be a sign of increasing headwinds in one of the nation’s largest life science markets, Freenome, an early cancer detection genomics company, is backing away from an agreement to anchor a Bay Area life science campus now under construction in Brisbane.

Freenome has put 68K SF of pre-leased life science space back on the market—the top two floors of a five-story building under construction at the Genesis Marina complex in South San Francisco.

The building that is rising at 3000 Marina Boulevard is one of three buildings in the 560K Genesis Marina, a life science development being built by a partnership between Phase 3 Real Estate Partners and Bain Capital.

Freenome inked a 12-year pre-lease for 335K SF, encompassing the top four floors of 3000 Marina Boulevard in September 2021.

According to JLL, which is marketing the space for Freenome, each of the floors to be subleased has 34K SF of fully furnished lab and office space. The space will be available for occupancy in January 2024, after the Q3 2023 opening of Genesis Marina.

Freenome is in the midst of trial for a “liquid biopsy” that can be used to screen colorectal cancer. The company was expecting results of the trial this year, but this has postponed until next year, meaning that perhaps the biotech company’s screening kit will not go to market soon enough to warrant the firm’s planned expansion into the new office space in Brisbane.

In October, one of the largest biotech landlords in the Bay Area announced plans to expand in Brisbane’s Sierra Point Peninsula. Healthpeak Properties filed an application to redevelop two different towers it owns next to the Brisbane Marina, according to a report in the San Francisco Business Times.

The REIT said it would expand the buildings into a life science campus. The buildings, encompassing 427K SF, are known as The Towers and Sierra Point, eight- and 12-story buildings, respectively, both of which sport curved facades.

Healthpeak’s plan calls for two new life science buildings, at nine stories and 14 stories, to be built north of the existing structures. The project will encompass 1M SF.

An existing parking facility will be demolished to make way for a larger garage with space for more than 3,500 vehicles. The plan also designates more than 8K of open space with outdoor work areas and a 30K SF restaurant on the Sierra Point Parkway promenade.