Diversified Healthcare Trust Wraps Up $100M Life Science Project

The Muse at Torrey Pines. Image courtesy of The RMR Group

The Muse at Torrey Pines, a $100 million redeveloped life science destination in San Diego, has reached completion. The property, owned by Diversified Healthcare Trust and managed by The RMR Group, offers 186,000 square feet of collaborative office and flexible laboratory space across three buildings in one of the leading life science hubs in the country.

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“We have transformed a site that has been in our portfolio for over 20 years into a modern campus to suit the needs of companies developing next-generation therapies,” Chris Bilotto, senior vice president with The RMR Group, told Commercial Property Executive. Located at 3030, 3040 and 3050 Science Park Road, Muse now offers such amenities as an indoor/outdoor training and conference center, a gourmet café, EV charging stations, a fitness facility, bike and surf storage and landscaped walking trails.

Muse has attracted a bevy of new tenants of late, including medical technology Surgalign Spine Technologies, which committed to the entire 94,500-square-foot building at 3030 Science Park in the first quarter of 2021, with Savills having represented the tenant. JLL is spearheading leasing at Muse, where the lease level is now 85 percent. “The 85 percent commitment at time of delivery is a testament to the successful delivery and execution of Muse,” Bilotto said.

Life science thriving

The life science sector is firing on all cylinders, so the demand in the real estate sector in its top markets is on the rise. “From public and private funding increases to the demand created by the COVID-19 pandemic and the vaccine rollout underway to combat it, the life sciences sector is seeing a significant increase in interest from both developers and investors,” according to a first quarter 2021 report by Colliers International.

In the San Diego life science market, the 12-month forecast calls for the 7 percent vacancy rate recorded in the first quarter of 2021 to decrease, demand to go on the upswing and rental rates to increase as well. “We believe San Diego has continued to benefit from strong demand for life science and R&D space,” Bilotto added. “With a rich talent pool bolstered by local universities and the increasing attention from venture capital to the area, we expect continued growth in the life sciences sector in San Diego and the surrounding submarkets, including Torrey Pines.”