Healthpeak Properties Surges in California

Rendering of Nexus on Grand. Image courtesy of Flad Architects

Healthpeak Properties Inc., of Denver, is about to start construction of a five-story, Class A life sciences laboratory facility at 233 E. Grand Ave. in South San Francisco, Calif.

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The Nexus on Grand development will total about 141,000 square feet, plus an adjacent parking structure. The purpose-built lab building reportedly will feature lab-ready building systems that will accommodate a variety of life science uses.

Healthpeak is also planning to densify its Callan Ridge campus, at 3020-3030 Callan Road in San Diego’s Torrey Pines submarket. The project will nearly double the current leasable area, by replacing an outmoded 90,000-square-foot building with two new Class A buildings totaling about 185,000 square feet.

Rendering of Callan Ridge. Image courtesy of FPBA

Callan Ridge, which is within Healthpeak’s 20-acre-plus Torrey Pines Science Park, will feature flexible floorplates, as well as a green roof deck with coastal and canyon views.

East, West and Texas

Nexus on Grand will be Healthpeak’s third ground-up development in South San Francisco since 2015, following The Cove at Oyster Point and The Shore at Sierra Point.

Healthpeak’s The Boardwalk project in Torrey Pines is slated for initial occupancy in the fourth quarter and is now 100 percent preleased. The three-building 195,000-square-foot lab and office campus got under way a year ago January.

Then, last June, Healthpeak began construction on a 116,500-square-foot medical office building for the Woman’s Hospital of Texas, in Houston.

In November, a joint venture of Healthpeak and King Street Properties started developing 101 Cambridgepark, a $170 million Class A lab facility in Cambridge, Mass.

And most recently, in December Healthpeak acquired Cambridge Discovery Park, also in Cambridge, Mass. A $720 million price tag bought Healthpeak a majority ownership stake in the three-building, 620,000-square-foot property, sold by a joint venture of The Bulfinch Cos., Harrison Street and National Real Estate Advisors. Bulfinch retained a minority stake and continues to manage the park.