Invesco Signs Tenant at Bay Area Life Science Campus

1410 Harbor Bay Parkway. Image courtesy of Invesco Real Estate

Invesco Real Estate has signed Exelixis as a tenant at 1410 Harbor Bay Parkway, one of the six buildings of its Loop campus in Alameda, Calif. The biotech firm leased the entire, 100,000-square-foot life science facility to use as laboratory, bringing its local footprint to roughly 575,000 square feet.

CBRE’s Mark Kol, Austin Hinder and Mike Raffetto represented the landlord, while Kidder Mathews’ Gregg Domanico negotiated on behalf of the new tenant.

Exelixis’ new home is part of The Loop at Harbor Bay, a business park totaling approximately 332,000 square feet that Invesco acquired for $101.3 million in 2021, according to CommercialEdge data. Approved for advanced manufacturing, life sciences and STEM-related uses, the Class A life science building features dock and grade-level loading and was constructed to the latest seismic codes with 100 percent clean power.

Exelixis joined Azzur Cleanrooms on Demand and SentiBio, among others, on The Loop’s tenant roster, bringing its occupancy to 80 percent. Invesco Director of Investment Management Shannon Aquino said in prepared remarks that the campus provides a community for lab/R&D and Current Good Manufacturing Practices firms in search for space to grow in the Inner Bay Area.

Fueled by research talent growth and strong investments, demand for Class A life science facilities in the San Francisco Bay Area remained among the highest in the nation. According to a CBRE report, lab/R&D space in the Oakland submarket had the second lowest vacancy rate in the region, at 5.7 percent, in the third quarter of 2022.