Formerly known as The Thomas Jefferson School of Law, this 8-story, 203,000-square-foot office building, located at 1155 Island Avenue, has become a state-of-the-art property for life science. Modifications and improvements include improved HVAC and plumbing infrastructure (including VRF heating and cooling systems, new fans, 100% outdoor air for laboratory areas and bipolar needle ionization), along with a new £ 5,000 service lift and improved laboratory floor loads. Additional improvements include a new facility for laboratory services with glass washing, an autoclave and a room for delivery and reception with staff, a lounge on the top floor and space for events and ready to occupy “special apartments” consisting of 50% laboratory / 50% built office in different sizes throughout the building.
“Barings is excited to lead the migration of life sciences Downtown San Diegoproviding tenants with an extremely comfortable environment to work, live and play, ”they said Joe Gorin, Managing Director, Head of US Acquisitions and Portfolio for Barings. “Greater San Diego is the undisputed global capital of life sciences and we continue to hear from leaders in the science of life who are interested in an urban destination in the city center. This investment is an excellent example of Barings’ value-added real estate investment strategy, which focuses on creating unique, competitive assets that attract innovative demand from tenants. “
“Providing first-class Class A research environments that meet the needs of visionary companies remains our focus,” added BJ Van Aken, Executive Vice President, West and Head of Portfolio Operations for Phase 3 Real Estate Partners. “As a key component of our Genesis portfolio, Genesis San Diego sits at the forefront of the assets of life science in greater San Diegoand provides modern design and innovation opportunities that will bring tenants to this exciting downtown location. “
The life sciences are the main engine of San Diego innovation economy. The region is home to more than a thousand companies in the field of life sciences and as the third largest cluster in the field of life sciences in the country, the demand for high-quality laboratory space in greater San Diego continues to grow. While suburban Tori Pines and Sorrento Mesa have historically responded to the call for the needs of the science of life, Downtown San Diego is ready to be the next node of life sciences for the greater San Diego given its unparalleled amenities, proximity to the popular Gaslamp district and Petco Park, key links to the existing scientific community such as the new UCSD satellite building and the possibility of switching by extending the Blue Trolley line.
“Downtown San Diego it has all the building blocks for a successful cluster of life sciences, ”he added Betsy Brennan, president and CEO of the Downtown San Diego Partnership. “Our community has known this for a long time, and our 2021 demographic survey proves it. Whether it is the highly skilled talents living here, a way of life that cannot be defeated, a connection to our regional ecosystem of innovation or new projects such as Genesis of San Diego offering quality laboratory and office space, the center is where dreams come true. “
Genesis of San Diego is a commitment to sustainability, health and well-being of tenants and digital connectivity. The development includes intelligent building systems, green design elements and is currently LEED-Gold.
Barings is a $ 371 + billion * global investment manager that finds differentiated opportunities and builds long-term portfolios in public and private fixed income markets, real estate and specialized stock markets. With investment professionals based in North America, Europe and Asia-Pacific region, the company, a subsidiary of MassMutual, aims to serve its customers, communities and employees and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
* Assets under management to March 31, 2022
Genesis is a real estate brand in the science of life that uses the deep experience and global breadth of its owners’ partnership to create an environment focused on meeting the needs of its tenants to accelerate their revolutionary discovery. Genesis’ unique integrated enterprise combines decades of Phase 3 Real Estate Partner development and tenant experience with Bain Capital’s pioneering value-added investment approach and decades of leading the company’s experience in the healthcare and life sciences industry. At Genesis, we work tirelessly not only to provide the right environment today, but through our deep industrial partnerships and participation, we provide the best environment for cultivating tomorrow’s undiscovered advances in science.
About Phase 3 Real Estate Partners
Phase 3 Real Estate Partners, Inc., (“Phase 3”) develops first-class, ready to occupy research and development facilities in the main innovation clusters of United States. Phase 3’s focus on providing the highest quality space at an accelerated rate to borrow in these key geographic areas allows companies to pursue their research goals immediately. The Phase 3 team provides a clean, modern design aesthetic, the right combination of community amenities and the right infrastructure to meet the needs of the companies that call our facilities home. The company’s expertise in the development, construction and management of life science facilities leads to a strong partnership between our tenants and our team. Phase 3’s current portfolio consists of nearly 4.5 million square feet and is growing San Diego, San Francisco and Boston.
About Bain Capital Real Estate
Bain Capital Real Estate was established in 2018 and pursues investments in often hard-to-reach sectors, supported by persistent global trends that stimulate long-term growth in demand for real estate assets and services. The Bain Capital Real Estate team has been implementing its 2010 strategy (formerly part of the Harvard Management Company) by investing and engaging more than $ 6.8 billion of equity in more than 550 assets in multiple sectors, including more than $ 1.7 billion in over 6.8 million SF assets in the life sciences. Bain Capital Real Estate focuses on small to medium assets, where the team applies its deep industry experience to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy is in line with the value-added investment approach that Bain Capital has introduced and uses the company’s global platform and significant experience in various asset classes to further enhance its insights and supply capabilities.