By Jon Peterson
San Diego-based BioMed Realty Trust is now planning a $149 million redevelopment project in Foster City called Lincoln Centre on Lincoln Center Drive that will all be leased to San Diego-based Illumina, Inc., a developer and manufacturer of integrated systems for the analysis of genetic variation and biological function.[contextly_sidebar id=”fo6R0xcUtb1jf1J2n4dm26lmJAekMQkq”]“We are still going through entitlements on this project and are hopeful that we will be able to start the development something this year. So far, I think our project has been well received by the city of Foster City,” says Jim Cullinan, vice president of marketing for BioMed Realty.
BioMed is a publicly traded real estate investment trust. The company will be funding the redevelopment of Lincoln Centre with its own capital.
The company has owned this 19-acre property for two years. “We acquired the site for $37 million in 2013 at the same time that we signed the lease at this location with Life Technologies. This tenant made a decision to transition out of the Foster City property in early 2013. We then began preparing the site for redevelopment. The buildings on the site were older/obsolete, and we demoed them in anticipation of a potential build-to-suit,” said Cullinan.
The lease with Illumina is for 15 years and covers a build-to-suit campus totaling 360,000 square feet. This part of the project is for two buildings. The tenant has an option to expand the campus in the future for a third building where an additional 160,000 square feet would be constructed.
The project in Foster City will be the first time that BioMed Realty and Illumina have collaborated in Northern California. The two firms have done work together previously on two projects, one in San Diego and the other in the United Kingdom.
BioMed has made the San Francisco Bay Area as one of its seven targeted markets for it investing in life sciences or biotech properties in the United States. The company now has over 3.25 million square feet of existing space in the region. It also has additional space developed, such as 1.25 million square feet at its Gateway of Pacific project in South San Francisco, as well as additional development space at its Pacific Research Center in Newark, CA.
According to its Web site, it owns properties in Redwood City, Fremont, Brisbane, Hayward, South San Francisco, San Carlos and Newark. Its other target markets around the country are San Diego, Boston, Maryland, New York/New Jersey, Pennsylvania and Seattle.