Next-generation gene editing company to occupy three full floors of ground-up, Class A life sciences development in one of the top biotech markets in the U.S.
SAN FRANCISCO – (January 26, 2022) – Savills announced that it completed an 85,165-square-foot lease relocation and expansion on behalf of Graphite Bio, Inc. (NASDAQ: GRPH) at 233 East Grand Avenue, a Class A life sciences development consisting of a five-story, 141,000-square-foot building in South San Francisco.
Graphite Bio is a leading clinical-stage, next-generation gene editing company that focuses on developing therapies to potentially treat or cure life-threatening genetic diseases. The company is expanding and relocating its headquarters and research hub from its current space located at 201 Haskins Way in South San Francisco.
Austin Barrett, Executive Vice President and Head of Life Sciences at Savills, led the team in representing Graphite Bio on the 10-year lease transaction. He has been working with the company’s leadership team on its real estate planning and growth needs. He was joined by an internal Savills team comprised of RJ Panzo, Corporate Managing Director; Allison Hoffmann, Managing Director; Kyle Duckworth, Associate Director; and Kelly Kennedy, Associate Director.
“The Bay Area is one of the most competitive life sciences markets in the nation, and our team worked diligently and creatively to source this ideal location for Graphite Bio’s expansion,” Barrett said. “We have built a strong relationship of trust and confidence with the Graphite Bio team and have been proactively looking for a future home that meets the needs of their rapidly growing team. This modern, custom-designed space will provide the company with cutting-edge research facilities that will help Graphite Bio remain at the forefront of clinical breakthroughs that save lives.”
Known as Nexus on Grand, 233 East Grand Avenue is a purpose-built lab and office building being developed by healthcare REIT Healthpeak Properties (NYSE: PEAK) that features modern design, flexible and efficient floor plates and lab-ready building systems. Graphite Bio will occupy the first full three floors of the building and plans to fit out the spaces with a mix of labs and offices by its move-in date in 2023. Prior to relocating to Nexus on Grand, Graphite Bio will also occupy a 20,000-square-foot space it has agreed to sublease for two years – a transaction also led by Barrett and his team.
“We are excited to relocate our headquarters to one of the newest buildings in the heart of South San Francisco, the life sciences epicenter of the Bay Area,” said Jerry Cacia, Chief Technical Officer at Graphite Bio. “The Savills team was a trusted partner as we critically and thoughtfully planned this next step of growth for our company. The new space will be purpose-built to meet our needs, allowing us to create a world-class headquarters and research hub that will enrich the working environment of our team and help our company deliver potential one-time cures to patients who have serious and life-threatening genetic diseases.”
Graphite Bio’s relocation and expansion comes amid the intense demand for research space in the San Francisco market. According to Savills research, the vacancy rate for life sciences and biotech space is less than 2% in the Bay Area, which has been accelerated by research needs related to the COVID-19 pandemic and significant increases in venture capital investment in the sector.
About Savills Inc.
Savills helps organizations find the right solutions that ensure employee success. Sharply skilled and fiercely dedicated, the firm’s integrated teams of consultants and brokers are experts in better real estate. With services in tenant representation, workforce and incentives strategy, workplace strategy and occupant experience, project management, and capital markets, Savills has elevated the potential of workplaces around the corner, and around the world, for 160 years and counting.