Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus
SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus.
The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences.
Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report.
Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction.
“This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of San Diego’s hottest emerging life sciences and innovation hubs,” says LaChapelle, managing director with JLL. “We received tremendous investor interest in the offering and are really excited to see Longfellow take ownership and transform the property into a modern life sciences campus.”
Longfellow Real Estate Partners is a Boston-based private life sciences real estate services firm. The firm’s portfolio spans more than 14 million square feet of laboratory and technology space. The company has partnered with Duke University, as well as worked with Pfizer, AstraZeneca, Life Technologies and Novan Therapeutics.
PS Business Parks Inc. is a Glendale, Calif.-based real estate investment trust that owns, develops and operates commercial properties. The firm owns about 96 properties that house approximately 4,900 tenants across 28 million square feet of space.
— Julia Sanders