Work is underway on the life science and R&D development at 777 Industrial Road in San Carlos, Calif. Presidio Bay Ventures will turn the existing 45,000-square-foot dealership building into a fully redeveloped 147,000-square-foot life science facility.
The four-story project is scheduled for completion in the fourth quarter of 2023. Cushman & Wakefield is currently leasing the property.
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Last month, Presidio Bay Ventures secured $118 million in construction financing from Square Mile Capital Management, according to CommercialEdge data. According to the company’s founder and managing director K. Cyrus Sanandaji, the life science redevelopment is curated to support breakthroughs across multiple industries beyond traditional life sciences. The project is expected to create roughly 500 new jobs in San Carlos, Calif.
A new life sciences hub in San Carlos
A partnership between Stanton Architecture and DES Architects & Engineers designed the building specifically for research and development users with a strong lab component, including life sciences, biotech, food tech and auto tech or robotics. Amenities are planned to include E-bikes, outdoor workspaces with Wi-Fi and a fitness center, while the project also boasts LEED Gold, Fitwel, GBAC and USRC certifications.
The 777 Industrial Road office building will be just south of U.S. Highway 101, offering easy access into San Francisco and San Jose, Calif. It is also surrounded by several retail, dining and entertainment options.
The development will also provide an increased property tax base that the local community will benefit from. Among these benefits will be an ongoing commitment to local civic and business life through the San Mateo County Chamber, an $80k Sequoia Union School District contribution, a $2 million San Carlos Affordable Housing contribution, support for the Parks and Recreation Foundation of San Carlos, affordable housing support through active housing development expansion to San Carlos, as well as an Art in Architecture Program.
Presidio Bay Ventures currently owns more than 10 properties, totaling roughly 700,000 square feet, according to CommercialEdge data. Last month, the company bought the 152,153-square-foot 2398 Charleston Road Mountain View, a community center and retail space in Mountain View, Calif., for $71.8 million, according to the same data provider.