Healthpeak Properties has received approval of entitlements for Phases II and III of its lab development campus, Vantage, in South San Francisco.

With the newly awarded entitlements, Healthpeak will be able to deliver an additional 1.3 million square feet of lab space, bringing the combined campus to 1.7 million square feet upon full buildout. These entitlements represent double the allowable density compared to when Healthpeak originally acquired the land.

The  20-acre lab campus is located in the heart of South San Francisco and at the doorstep of Genentech's headquarters. Healthpeak commenced construction on Phase I of the Vantage campus last year. Phase 1 consists of 343,000 rental square feet across two buildings, as well as a 40,000 square foot amenity building. Phase I is currently 52% leased to Astellas Pharma, which took initial occupancy of its space in December 2023.