(EDITOR’S NOTE: Blue Rise Ventures has been involved with this project as the operating partner since November 1st when it replaced Lincoln Property Company. The projected redevelopment cost for the project would be $200 to $250 per square foot. One part of the project will be a spec asset for 50,000 square feet. PCCP and Lincoln acquired the property for $144.5 million in June 2018.)
San Jose BioCube, a long-established life sciences incubator, has officially signed a 35,000 square foot lease within BioSquare Silicon Valley at 2680 Zanker Road in North San Jose.
“This is a good day for biotech companies seeking experimental lab space, operational support, and a vibrant community,” said Tony Gonzalez, BioCube’s CEO. “With this new expansion, we’re redoubling our commitment to the life-science start-up economy in Silicon Valley.”
This is the first dedicated Life Sciences project in Silicon Valley, which is slated to begin construction in early 2021.
The project will convert existing office space in the seven-building complex to space that will accommodate flexible biological and chemistry labs. Most notably, this converted space will be able to encapsulate the full ecosystem of life science users; small, medium, and large tenants, all while providing companies with room for growth.
The project partners include DES Architect, WB Engineering, and Blue Rise Ventures (formally Local Capital Group). Mark Bodie, Toss Vallentine and Chris Owusu of JLL are the listing agents for the property. JLL brings its experience to the project after completing numerous transactions at The Life Sciences Research Park at Marina Village in Alameda.
“At BioSquare Silicon Valley, we see an opportunity to create an ecosystem similar to the one we have created at The Research Park at Marina Village. With close to 475,000 square feet in seven buildings to work with, we can easily demise suites down to 15,000 square feet which would create over thirty individual spaces, or fifteen larger spaces at double that size.” said Dan Poritzky, Senior Partner at Blue Rise Ventures. “Kicking it off with one of the best incubators in the Bay Area (San Jose Biocube) is an exciting way to start. We love treating tenants like partners and it’s aligned with our company motto, “Big Enough To Serve You, Small Enough To Know You…”. PCCP is a smart and well-capitalized owner, and given their history in Silicon Valley, they were the ideal capital source to help create value while elevating the vision.”
About San Jose BioCube
With a multi-billion-dollar track record of nurturing nascent startups and supporting scores of commercialized discoveries, BioCube exists to foster the next wave of great ideas by making the world a better place for science.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $12.3 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 22-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $23.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
About Blue Rise Ventures
Blue Rise Ventures is a multi-asset class commercial real estate investment firm focusing primarily on industrial and life science properties. Originally formed as the commercial division of Local Capital Group in 2017, the Blue Rise team offers diverse real estate experience in acquisitions, asset management, leasing, and construction management, in addition to extensive institutional investment management experience. A vertically integrated approach allows Blue Rise to move swiftly and nimbly across leasing and construction to offer unparalleled support to both investment partners and prospective tenants. With experience managing over 4 million square feet of assets across the San Francisco Bay Area together as a team and with strong ties to the region, the firm seeks to build upon its strong relationships to expand into key gateway markets by treating tenants like partners.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of the real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces, and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries, and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.