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$269M Life Science Projects Completed

REAL ESTATE: Healthpeak Adds Directors Place, Callan Ridge to Portfolio

Healthpeak Properties has finished construction of a $123 million Sorrento Valley life science complex – Directors Place – and a $146 million life science building in Torrey Pines – Callan Ridge.

Directors Place had been fully leased before construction was finished to Sorrento Therapeutics, but Sorrento Therapeutics filed for Chapter 11 bankruptcy and the lease was canceled as part of the bankruptcy proceedings, according to Michael Dorris, senior vice president and co-head of life science for Healthpeak Properties.

Michael Dorris
Senior Vice President
Healthpeak Properties

“It is currently available for lease,” Dorris said. “The building is designed to accommodate multiple tenants. We could do a single tenant deal, or we could lease it to several different tenants.”

Sorrento Therapeutics also leases most of three other Healthpeak buildings in Sorrento Valley, and those leases remain in place, Dorris said.

Callan Ridge was fully leased to Turning Point Therapeutics, a San Diego company that was acquired by Bristol Myers Squibb in June 2022.

That lease is still in place, but Dorris said that the building is up for sublease. Designed by Delawie, the 150,000-square-foot Directors Place would accommodate a single tenant or could be subdivided for multiple tenants, Dorris said.

“It’s got a fitness center, it’s got a café, there’s a conference center on the ground floor to accommodate large groups of people. There are large balconies on each floor,” Dorris said.

There’s also a two and one-half-story underground parking garage with 181 slots and an on grade parking area with 240 spaces, electric vehicle charging stations, and carpool and bicycle parking.

Dave Irelan, a principle of Delawie, said that the design of Directors Place was inspired by striations in the nearby sandstone Torrey Pines cliffs.

Dave Irelan
Principal
Delawie

“The concept of the design was based on the shifting of the earth, picking up on the Torrey Pines cliffs elements,” Irelan said. “We also have a two-story sedimentary wall in the main lobby that also extends to the exterior along the entry to pick up on that theme.”

The five-story building itself is longer than it is wide, a design that helps it blend in with its surroundings at about 300 feet long and 80 feet wide compared to a more typical design that Irelan said would be about 150 feet wide.

The building is also oriented to the south to reduce heat gain from the sun, and the windows are made of glass that automatically tints in bright sunlight.

“You can program how you want that to work,” Irelan said. “It removes the need for any type of window coverings, so you don’t block the views. You still get the excellent views, but you don’t have the glare or eyestrain for the scientists to work.”

The 1,500-square-foot fitness center with floor-to-ceiling glass and the 1,200-square-foot café are in a separate building “to maximize the office and lab space, to not take away from the main building,” Irelan said.

Callan Ridge

Designed by Ferguson Pape Baldwin Architects based in Kearny Mesa, Callan Ridge is a 185,000-square-foot, two-building complex in Healthpeak’s Torrey Pines Science Park that covers more than 20 acres.

One building is 105,000 square feet and the second building is about 80,000 square feet.

The project has a soaring steel canopy, as Ferguson Pape Baldwin described it, and a three-story glass lobby. A large canopy shades the south-facing glass.

The roof of the larger building is covered with trays filled with a variety of plants, creating a green roof with views of the Torrey Pines State Natural Reserve.

The plantings help reduce the heat that’s absorbed by the LEED certified building, and solar panels add to its energy efficiency.

Steel and concrete materials used in the construction also contain high levels of recycled content, according to Ferguson Pape Baldwin.

Recycled water is used for irrigation of the landscaping.

Inside, the buildings have windows of smart glass that changes the amount of sunlight entering, depending on the time of day.

The east side of the building is built into the hillside, opening out with views of a canyon.

Healthpeak Properties

Founded: 1985
CEO:  Scott Brinker
Headquarters:  Denver
Business: Real Estate Investment Trust (REIT)
Employees:  197
Contact: 720-428-5400
Website:  www.ir.healthpeak.com
Notable: Healthpeak Properties has more than $20 billion in real estate holdings in Lab Buildings, Outpatient Medical Buildings (OMB) and Continuing Care Retirement Communities (CCRC)

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