SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out.
The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway.
The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand.
In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.