JV Inks Full-Building Life Science Lease in Bay Area

1350 South Loop. Image courtesy of Newmark

Biopharmaceutical company Vivani has signed a full-building lease to occupy 43,645 square feet at 1350 South Loop, a Class A life science building within the Radius @ Harbor Bay campus in Alameda, Calif.

Newmark Managing Directors Ari Rokeach and Conor Ranahan brokered the deal on behalf of the ownership, a partnership between Paceline Investors and True North Management Group.

Recently converted into a life science facility on a speculative basis, 1350 South Loop consists of 60 percent lab and 40 percent office space. The single-story property features 14-foot clear heights, new HVAC for lab areas, a backup power generator, as well as room for outdoor equipment.

The spec labs encompass equipment rooms, single pass air, floor drains, fume hoods and lab benches. A large flex lab area can also be customized to support a chemistry lab, biology lab, pilot plant or lab support.

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The nearly 700,000-square-foot Radius @ Harbor Bay campus is part of the growing Harbor Bay life science hub, anchored by Abbott Laboratories, Exelixis and Penumbra. Located near the Harbor Bay Parkway, the campus is accessible by ferry, offering connectivity to downtown San Francisco and the San Francisco International Airport.

Steady expansion of the life science sector

A recent Newmark report reveals that the Bay Area’s life science hub maintains its position as the second most important cluster in the U.S., due to more than 33 million square feet of lab space, high tenant demand and robust venture capital networks. In the first half of 2022, healthcare and life science venture capital funding in the Bay Area rose by 19.3 percent compared to the same period in 2021.

Vivani’s lease is proof of the submarket’s attractiveness and the heightened demand for built-out lab spaces, which enables companies to save on capital expenditures and speed up occupancy, said Rokeach in a prepared statement. The rising popularity of Alameda as a life sciences submarket is in line with the flight-to-quality trend present in the current market, he added.