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Sterling Bay JV Completes San Diego Life Science Project
The developers broke ground on the first phase of the campus in 2023.
Sterling Bay and Harrison Street have officially opened the first phase of Pacific Center, a life science campus in San Diego’s Sorrento Mesa neighborhood. Partners on the development also included BNBuilders and Gensler.
The 690,000-square-foot project comprises four new buildings: two six-story lab and office facilities, a 12-story parking structure and a two-story mass timber amenity center. The second phase will include a 279,000-square-foot, six-story building.
Financing on the project included a $265 million construction loan from Bank OZK. Sterling Bay and Harrison Street paid $576 million to acquire a seven-building portfolio from City Office REIT. That transaction also included nearly 13 acres of land, where Pacific Center is taking shape.
Located at 9925 and 9955 Pacific Heights Blvd., the first phase of the project is close to Interstate 805 and 15 miles from downtown San Diego. The city’s international airport is 17 miles away.
Building A spans 303,000 square feet and features a 150-person conference room, two training centers and a theater room, as well as five terraces. Additionally, the property has 54,000-square-foot floorplates.
The 202,000-square-foot Building B is LEED Certified and has a conference center and tenant lounge, as well as four terraces and about 505 parking spaces. Floorplates average 36,500 square feet.
Other shared amenities include a courtyard with event venues and skydecks, food hall and a fitness center. The campus also has EV charging stations.
San Diego’s office sector continues to grow
San Diego’s office construction pipeline as of April clocked in at 2.1 million square feet under construction, according to the latest CommercialEdge office report. The metro ranked fifth nationally for space underway.
One of the projects set to come online by the end of the year is Alexandria Real Estate Equities’ 426,927-square-foot development at 4135 Campus Point Court. The building is part of the company’s 2 million-square-foot Alexandria Point campus.
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