Menlo Equities & Beacon Capital Plan 412,000 SQFT Life Science Project in San Carlos

Menlo Park, Menlo Equities, Beacon Capital Partners, San Carlos, Presidio Bay Ventures, Premia, Black Mountain Properties, MBC BioLabs, Alexandria Real Estate Equities 405 Industrial Road

By Jon Peterson

Menlo Park-based Menlo Equities and Boston-based Beacon Capital Partners are planning a nearly 412,000-square-foot office and science lab development project in San Carlos located at 405 Industrial Road. The development team submitted a draft environmental impact report for the project, which opens up the public review period for the potential development.

Neither of the companies involved with this project responded to requests for comment for this story.

The two companies will operate as a joint venture on the project development. Beacon is the main capital source, while Menlo Equities will act as the development partner and handle the day-to-day duties of the development process. These two firms had purchased the property in February of 2021 for $26 million, according to public documents. The site has an existing self-storage facility with almost 250,000 square feet of leasable area.

The proposed development project would cover six stories and have a total of approximately 411,670 square feet. The office part of the project could be as much as 205,270 square feet. The potential makeup of the property would be about 40 percent planned for traditional office and 60 percent for life science space. This size of the parcel is 1.2 acres, and plans estimate that there is room in the project to eventually have 685 workers at the site.

The development is also planning to deliver a major parking component. This would include two below-grade levels covering 2.4 acres and a total of 206,400 square feet. The parking operation would be to hold up to 458 vehicles.

Employees who would work at the project will have access to several outdoor venues for both dining and socializing. One part of this is an on-site café that would serve food throughout the work day. This food operation is planned to be connected to an outdoor terrace. Exercise facilities would be available at the property, as well. If workers want to ride their bicycles to work, there will be room to park 82 bikes during the work day.

RMW Architecture is working on the design of the project. The exterior of the property will be wrapped with a curtainwall glass skin, providing the interior with natural lighting. A series of setbacks will conform the building with the swooping southeast property border, with a rooftop terrace set back reducing the project’s perceived scale from the sidewalk.

The planned project would join a growing list of newly-developed life science structures that are under development in the San Carlos area. These include two projects planned by Presidio Bay Ventures with 410,000 square feet at 642 Quarry Road and 150,000 square feet at 777 Industrial Road. In addition, Premia is proposing a 190,000 square-foot life science project in the city following a $177 million sale to the Florida Pension Fund of another project it had under development. Other companies actively building the city’s life science infrastructure include Black Mountain Properties, MBC BioLabs and Alexandria Real Estate Equities.

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