This may be a rare opportunity for a life science company to expand in one of the most constricted lab space markets in the country: San Francisco’s Mission Bay. Icona Labs at Mission Bay, formerly known as The Exchange, which KKR purchased about a year ago from Kilroy Realty in a deal worth $1.08 billion, or approximately $1,440 per square foot, is looking to fill about 406,000 square feet of that space or just over 54 percent of the building.
Longfellow, a vertically-integrated life science and real estate investment firm, which has been retained by KKR to operate the property, is looking to add to the roster of the building that today includes Dropbox, VIR and Bridge Bio. Dropbox, which announced in October of 2017 that it was going to occupy the entire property, had placed much of the asset on the sublease market retaining around 90,000 square feet in the building. The property was completed in 2019, and Dropbox never got to occupy the property as the global COVID-19 pandemic was just about getting started.
The offering pricing on the rent is not publicly available, however, the Class-A property is one of the newest life science and tech properties in San Francisco, and it is the only life science property of scale available in the city of San Francisco, which has been boasting a virtually full capacity of lab space. The property, located at 1800 Owens Street, is right next to US Interstate Highways 280 and 80, and it is in close proximity to downtown San Franciso, next door to UCSF and over 50 biotech companies.
Icona Labs at Mission Bay is located in Mission Bay, a vibrant neighborhood that has rapidly emerged as one of the most coveted in the City, admired for its interesting mix of residential and retail amenities, according to a release from the property’s former owner, Kilroy Realty. Its location, along the 16th Street Corridor adjacent to the 280 Freeway and near Muni’s T–Line, makes it highly accessible and convenient to adjoining residential neighborhoods, including Potrero Hill, the Mission District and Dogpatch. Icona Labs at Mission Bay is also within walking distance of the San Francisco Giants and new Golden State Warriors stadium along with other world-class entertainment.