February 20, 2018 Comments Off on HCP Launches $220M Phase of South San Francisco Development Views: 4297 Bay Area, California News

HCP Launches $220M Phase of South San Francisco Development

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Irvine, CA-based HCP commenced construction on Sierra Point, a 600,000-square-foot, five-building campus in Brisbane, CA, its next major life science development in the South San Francisco market. Sierra Point was designed to be developed in phases, as demand dictates.

Phase I will consist of roughly 215,000 square feet, at an estimated cost of $220 million. The initial speculative facility delivery is expected in late 2019.

HCP is the largest life science landlord in South San Francisco, with more than three million square feet. The decision to move forward on the Brisbane project was influenced by strong market demand.

During 2017, HCP placed $200 million of development in service at The Cove, a $720-million, Class A life science development nearby in South San Francisco. The initial two phases of The Cove are fully-leased, and HCP is receiving strong interest in Phase III of the project.

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