Genesis Lands $484M for San Francisco Life Science Campus
Brookfield’s Real Estate Credit group provided the financing.
Genesis, a joint venture between Bain Capital Real Estate and Phase 3 Real Estate Partners Inc., has obtained $484 million to refinance GENESIS Marina, a three-building life science complex totaling 566,661 square feet in Brisbane, Calif.
Brookfield’s Real Estate Credit group originated the loan, in a deal arranged by JLL Capital Markets.
The partnership had initially secured a $450 million construction loan originated in 2021 by Massachusetts Mutual Life Insurance Co., according to CommercialEdge. The note was to mature this year.
READ ALSO: The Most Active Life Science Markets in the US
Developed on an approximately 9-acre waterfront lot, the campus is close to U.S. Highway 101. The location on the 132-acre Sierra Point peninsula provides access to South San Francisco’s life sciences hub, as well as to the entire San Francisco area.
GENESIS Marina came online in December 2023 and includes three purpose-built facilities:
- 3000 Marina Blvd., a six-story building totaling 194,702 square feet
- 3300 Marina Blvd., a five-story building totaling 197,959 square feet
- 3500 Marina Blvd., a five-story building totaling 174,000 square feet
Including lab and office space, the Class A buildings feature floorplates ranging between 35,000 square feet and 43,500 square feet, passenger elevators, access to an on-site fitness center and a total of 1,037 parking spots spread across two levels. Other amenities feature a conference and event center, an on-site dining space, a cafe and an outdoor terrace, as well as EV stations, among others.
Life science real estate is struggling
According to a recent CommercialEdge report, the U.S. life science sector recorded just 948,000 square feet in construction starts at the end of last year, as opposed to more than 30 million square feet of lab space starting construction between 2021 and 2023. The difference in new projects is due to a record low lab space demand and a high volume of new supply.
San Francisco had 3.8 million square feet of office space under development as of November 2024, the report shows. The market ranked second on a national level after Boston (with 9.3 million square feet in the pipeline).
One notable life science project currently underway is IQHQ’s The Spur, a 330,000-square-foot building in South San Francisco, Calif. The developer topped out the first phase of the project in April 2024 and completion is expected later this year. The construction of the fully-electric life science building is backed by a $275 million loan.
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