Pfizer is expanding its real estate footprint again and helping spark investor confidence in laboratory space.
The biotech and pharmaceutical giant signed a 15-year deal for 230,000 square feet for its oncology division at a nearly completed complex on the coast in San Diego. It’s the largest life sciences lease so far this year in San Diego — which is the third-biggest lab space hub in the U.S. — and more than twice the size of the largest lease in the market from 2023.
The full lease could be valued at around $290 million, according to Bloomberg, which first reported the lease. Representatives for both the developers and for Pfizer declined to share additional details on the value of the lease for CO.
The 10-acre, 520,000-square-foot campus development named Torrey View is being completed by Breakthrough Properties — which is a joint venture between Tishman Speyer and biotech investment firm Bellco Capital — in partnership with Mitsui Fudosan America, Investment Management Corporation of Ontario and AP2.
With the Pfizer deal, which will take up two research and development buildings, the Torrey View campus is now fully pre-leased. Medical technology company Becton, Dickinson and Company signed for most of the other space. Along with lab space, the complex features a 400-person conference facility, a Jay Wright-designed fitness center and a pickleball court.
Pfizer’s oncology arm merged with Seagen following a $43 billion acquisition last year, per Bloomberg.
The San Diego lease comes about seven months after Pfizer signed for 151,065 square feet at Hudson Valley iCampus in Rockland County, N.Y., in a deal valued at over $16 million.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, life sciences, More, Development, Life Sciences, Torrey View, San Diego, AP2, Bellco Capital, Breakthrough Properties, Investment Management Corporation of Ontario, Mitsui Fudosan America, Pfizer, Tishman Speyer Commercial Observer