Two Chicago-based firms have announced that they plan to spend $1.6 billion renovating and redeveloping a Sorrento Mesa site that they plan to turn into a life science campus.
Harrison Street and Sterling Bay West recently finalized the deal in which they bought five existing buildings and adjacent land for an undisclosed price.
The property is at 10390 Pacific Center Court and 9985 Pacific Heights Blvd.
The companies said that they plan to initially construct a six-story, 355,000 square-foot building with a rooftop terrace and 8,000 square feet of amenity space on the site.
That will be followed by construction of three additional six-story life science buildings totaling 700,000 square feet.
“Sorrento Mesa is the densest, fastest-growing submarket in the San Diego life science cluster with nearly half of the surrounding population employed by a professional scientific, technology or research related company,” said Mark Burkemper, senior managing director and head of North American transaction at Harrison Street.
“Additionally, support for life sciences and technology in San Diego continues to grow at a robust pace as funding from venture capital rapidly reaches new highs yet demand for purpose-built life sciences spaces consistently outpaces supply in the Sorrento Mesa market, which is facing historically low vacancies,” Burkemper said.