Posted Mar 27, 2021, 6:27 AM
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Join Date: Dec 2016
Location: San Francisco
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Quote:
S.F. Giants and Tishman Speyer play ball with biotech at Mission Rock
By Ron Leuty – Staff Reporter, San Francisco Business Times
Mar 25, 2021 Updated Mar 26, 2021, 6:20am PDT
. . . Mission Rock will ultimately will consist of 11 buildings, 1.4 million square feet of office or lab space, 1,200 residential units, 200,000 square feet of retail and eight acres of parks and plaza across a 28-acre city-owned site.
And as the pandemic has shifted trends regarding the region's commercial office market, the San Francisco Giants and partner Tishman Speyer have decided to look to biotech as a potential ace.
As many as five buildings in the massive development near the team's ballpark — including a spec structure starting construction in June — will target a booming life sciences industry. It is the latest pivot among various developers to convert office space for biotech.
At Mission Rock, the Giants and Tishman have already have lined up Visa Inc. (NYSE: V) for an entire 13-story, 300,000-square-foot building, except for ground-floor retail, that started construction in January. Pilings also are being pounded for a 23-story, 283-unit residential building along Third Street.
Those are part of the four-building first phase of the development, which ultimately will consist of 11 buildings, 1.4 million square feet of office or lab space, 1,200 residential units, 200,000 square feet of retail and eight acres of parks and plaza across 28 acres of property controlled by the Port of San Francisco. It is across the channel from the Giants' Oracle Park.
But Mission Rock's 318,000-square-foot "Building B" in the first phase, and four later-stage structures totaling another 600,000 square feet that were initially targeting traditional office users, now will be pitched to companies developing drugs, medical devices and diagnostics.
The change is in line with New York-based Tishman Speyers' expansion into life sciences real estate . . . .
Mission Bay, just south along Third Street from Mission Rock, has effectively zero biotech vacancy. Tech companies that gobbled space in the onetime biotech enclave a couple years ago are ceding some of that ground back to life sciences — witness Dropbox Inc.'s (NASDAQ: DBX) sublease of 133,896 square feet at the end of last year to Vir Biotechnology Inc. (NASDAQ: VIR). There's also speculation that the Gap Inc.-owned building at 550 Terry A. Francois Blvd., set to be vacated by Old Navy, could be a biotech play . . . .
By using bigger steel beams, for example, "we made the building stiffer and stronger," Shannon said. Pilings for the Mission Rock buildings already are meant to go down 250 feet to bedrock.
Construction on "Building B" will start in June and be completed within two years, Shannon said. Visa will take possession of its building in the third quarter of next year and the residential building will open in second quarter of 2023 . . . .
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https://www.bizjournals.com/sanfranc...sion-rock.html
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