King Street Wraps 1st Building at Bay Area Life Science Campus
King Street Properties has completed the first building at The Landing in Burlingame, Calif., enough that the company has opened a marketing center for potential life science tenants. At seven stories, the 300,000-square-foot structure at 1699 Bayshore will anchor the 4.5-acre campus.
The campus’ second building, 1701 Bayshore, is currently under construction. It will be six stories tall and measure 203,500 square feet, sharing a landscaped plaza, on-site fitness and conferencing facilities with 1699 Bayshore.
Both buildings will support science-based organizations’ specialized needs, according to King Street, providing 15-foot deck-to-deck heights (20-foot heights on the ground floor), 33-foot and 44-foot structural grid, and infrastructure to support a 60 percent lab/40 percent office split. A campus parking garage will provide two vehicle stalls per 1,000 square feet, as well as bicycle parking.
Amenity spaces at the campus are designed to foster interaction, including the shared plaza, as well as an indoor/outdoor bistro café, and gathering areas within the two buildings. Collaboration spaces include a conference center, boardroom and tenant lounge with shared and private spaces. The Landing will also feature a gym with private training studios, spa-like locker rooms and meditation space.
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Burlingame is on the San Francisco Peninsula, south of the city, and in recent decades has become an important part of the Bay Area life sciences market. Such companies as Corvus Pharmaceuticals, Halo Labs, Protillion Biosciences and Tallac Therapeutics have offices in the suburb, among others.
King Street is a private real estate investor specializing in life science/bioscience properties. Headquartered in Boston, the company has about 3.5 million square feet of existing assets in Greater Boston, New York, the Research Triangle in North Carolina, the San Francisco Bay Area and San Diego, with a further 3 million square feet in various stages of development.
The company has tasked the JLL team of Grant Yeatman, Cole Smith, Mark Bodie and Toss Vallentine to lease The Landing. Perkins & Will designed the property, with SWA Group as the landscape architect and Hathaway Dinwiddie as general contractor.
Bay Area’s life science real estate market still softening
New life science product has been added to the Bay Area market at a steady pace in recent years, resulting in a softening market, according to CBRE. The overall vacancy rate came in at 24.6 percent in the second quarter of 2024, with a negative net absorption of 381,000 square feet for the quarter.
New construction projects continue in the sector, as well as office to life science conversions, CBRE reported. A total of 29 life science projects were in development at the end of the second quarter of 2024, totaling 5 million square feet. Some 2 million square feet came online during the quarter.
The Central Peninsula, which includes Burlingame, had a 32.5 percent vacancy rate. During the first half of 2024, the submarket has seen negative absorption of more than 151,000 square feet.
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