Chinese development group blueprints $1B-plus biotech campus in South San Francisco
When real estate brokers landed the 42-acre waterfront site known as The Landing at Oyster Point in South San Francisco last fall, they oohed and aahed about its potential as a new biotech campus lying adjacent to Genentech, one of the pioneering founders of the industry. It already had a 443,000-square-foot business park in place, with potential for hundreds of thousands of additional space.
That all proved to be irresistible to a group of Chinese developers who are now planning to invest more than $1 billion into the property, with initial plans to add 500,000 square feet of office and lab space for the region’s booming biotech industry. Taotao Song, CEO of Oyster Point Development, LLC, and EVP at Greenland USA, a key player in the joint venture development group, had this to say:
“Our vision is to further cement South San Francisco’s role and reputation as the world’s leading biotech hub by creating a best-in-class campus that will stimulate and sustain its economic and social fabric.”
Billions of dollars in new investment cash has poured into Bay Area biotech in recent years, and this area in South San Francisco has been a magnet for startups like Second Genome. Hundreds of life sciences groups have migrated to the area, making it a rival West Coast hub to the bustling cluster in and around Cambridge, MA.
Don’t look for any quick turnaround on this new campus, though. The developers are looking to public officials to do the necessary infrastructure work, with new construction to begin in mid-2018. Leasing begins, well, now.