Real Estate

Pfizer Signs 230 KSF San Diego Lease

Pfizer Oncology has recently expanded its R&D footprint. The firm leased 230,000 square feet for 15 years at Torrey View, a 520,000-square-foot life science development in San Diego, Calif. Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, owns the soon-to-be-completed project.

Pfizer will occupy two buildings at the 10-acre, fully preleased campus. The firm also agreed to provide Breakthrough’s StudioLabs clients with streamlined access to its scientific, clinical and strategic infrastructure via Pfizer Ignite.

READ ALSO: Attracting Life Science Tenants in Core Markets

Last year, Pfizer renewed and expanded its lease at Hudson Valley iCampus in Pearl River, N.Y., to 151,000 square feet. The space has manufacturing, laboratory, warehouse and office functions.

Torrey View, up close

Construction of the three-building life science campus started in 2020. The development team also includes co-equity partners Mitsui Fudosan America, Investment Management Corp. of Ontario (IMCO) and AP2, alongside architecture firm FLAD Architects and general contractor Clark Construction. JLL is conducting the marketing and leasing efforts.

When complete, Torrey View will also feature an amenity building that will include a fitness center, meeting areas, conference rooms, dining venues and indoor/outdoor collaboration zones, along with a yoga studio, spa, bar and café. The property will comprise a pickleball court, a 1,400-stall parking structure and media rooms. Floorplates will range from 17,400 to 46,700 square feet.

The development rises at 11202 El Camino Real, close to interstates 5 and 805, while downtown San Diego is within 17 miles southeast. The location is also 3 miles from Elements, a 290,000-square-foot campus that was recently converted from office to life science space.

In November 2021, Breakthrough Properties signed a full-building, 220,000-square-foot lease at the campus with medical tech company Becton, Dickinson and Co. The firm began a phased move-in in late 2023.

Breakthrough’s recent life science expansion

Tishman Speyer and Bellco Capital formed Breakthrough Properties in 2019, with the purpose of acquiring, developing and operating life science properties in prominent tech markets. The firm’s portfolio totals nearly 2.2 million square feet across completed, under-construction and prospective facilities, according to CommercialEdge information.

In January, the company acquired a 65 percent stake in Callan Ridge, a two-building life science campus valued at $236 million. The transaction involved a stabilized cash capitalization rate of 5.3 percent based on the initial annual rental rate of $67 per square foot.

Last year, the firm received $130 million for the development of a 223,000-square-foot life science project in Philadelphia. The developer broke ground on the eight-story building around the same time and first tenant fit-outs are expected this summer.

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