Chan Zuckerberg Institute Lease Boosts Bay Area’s Life Science Sector
The deal comes as the local biotech industry struggles with job cuts and a market slowdown.
The San Francisco Bay Area life science sector got a boost as The Chan Zuckerberg Institute for Advanced Biological Imaging signed a major lease at Elco Yards in Redwood City, Calif.
The 226,000-square-foot transaction worth roughly $375 million closed in late December. It is one of the largest biosciences transactions in the Peninsula market and the largest new lease overall in San Mateo County, the San Francisco Business Times reported.
The deal comes at a time when the life science market in the Bay Area is struggling with job cuts and an industry slowdown.
WRNS Studio designed Elco Yards, which sits at the edge of downtown along the Caltrain corridor.
Cushman & Wakefield’s Ben Paul, Mike Courson, with Newmark, and Matt Germino, with CBRE, represented Chan Zuckerberg in lease negotiations. Paul will handle marketing.
CZI is an entity formed by Meta Platforms CEO Mark Zuckerberg and his wife, Priscilla Chan.
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The asset’s top-quality microscopes were a key reason for CZI’s decision, as they could help the company better understand how cancer cells influence tumor growth.
Lay of the land
IQHQ acquired Elco Yards from Greystar in November 2021. The surroundings include about 670,000 square feet of life science and office space and hundreds of planned residential units within 8 acres.
CZI occupies one of Elco Yards’ four buildings, each averaging over 200,000 square feet. The organization recently completed a 111,000-square-foot expansion at its nearby headquarters. The company’s mission is to study and eradicate human disease.
Redwood City is home to several life science companies.
iO Life Science is a virtual incubator for medtech inventors, early-stage startups and entrepreneurs. It provides resources and expertise to help fast-track innovations from ideation to commercialization.
Redwood LIFE is an innovation-focused environment with lab space and amenities that inspire collaboration and breakthroughs.
180 Life Sciences is dedicated to addressing pathological inflammation and developing therapeutics to treat diseases caused by inflammation.
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