Work is underway on the Life Sciences and R&D development at 777 Industrial Road in San Carlos, CA. Presidio Bay Ventures will transform the existing 45,000 square foot dealership building into a completely redeveloped 147,000 square foot life sciences facility.
The four-story project is expected to be completed in the fourth quarter of 2023. Cushman and Wakefield currently renting the property.
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Last month, Presidio Bay Ventures secured $118 million in construction funding from Square Mile Capital Management, according to data from CommercialEdge. According to the company’s founder and CEO, K. Cyrus Sanandaji, the redevelopment of life sciences is organized to support breakthroughs in multiple industries beyond traditional life sciences. The project is expected to create approximately 500 new jobs in San Carlos, California.
A new life sciences hub in San Carlos
A partnership between Architecture Stanton and DES Architects & Engineers designed the building specifically for research and development users with a strong laboratory component, including life sciences, biotechnology, food technology, and automotive technology or robotics. Amenities are expected to include e-bikes, outdoor work spaces with Wi-Fi and a fitness centre, while the project also benefits from LEED Gold, Fitwel, GBAC and USRC certifications.
The office building at 777 Industrial Road will be just south of US Highway 101, providing easy access to San Francisco and San Jose, California. It is also surrounded by several retail, dining and entertainment options.
The development will also provide an increased property tax base from which the local community will benefit. Among these benefits will be an ongoing commitment to local civic and business life through the San Mateo County Chamber, an $80,000 contribution to the Sequoia Union School District, a $2 million contribution to housing Affordable San Carlos, support for the Parks and Recreation Foundation of San Carlos, support for affordable housing through the active expansion of housing development in San Carlos, as well as an arts in architecture program.
Presidio Bay Ventures currently owns more than 10 properties, totaling approximately 700,000 square feet, according to data from CommercialEdge. Last month, the company purchased 2398 Charleston Road Mountain View, a 152,153 square foot community center and retail space in Mountain View, Calif., for $71.8 million, according to the same vendor. data.