Prince Street & Center Capital Submit Plans for New Life Science Campus in Redwood Shores

Prince Street Partners, Center Capital Partners, Redwood City, 1 Twin Dolphin Drive, 3 Twin Dolphin Drive, 100 Marine Parkway
Courtesy of Prince Street Partners

By Meghan Hall

Another life science project is coming to Redwood City’s growing tech corridor. This week, a joint venture of Prince Street Partners and Center Capital Partners have submitted plans to redevelop several office buildings within the Redwood Shores submarket into a high-end life science campus. The project, if approved, will add to a growing number of life science and tech-oriented development that has graced the area over the years.

Located at 100 Marine Parkway, 1 Twin Dolphin Drive and 3 Twin Dolphin Drive, the current property is comprised of three buildings totaling 147,000 square feet. 85,000 square feet of space will be retained at 100 Marine Parkway, according to the project team, while the remaining two buildings–originally constructed in 1982–will be redeveloped.

“We are excited to be a part of the revitalization of the Redwood Shores submarket with the project we are bringing forth at 1 Twin Dolphin Dr. Our quality design intent & public facing amenities is a goal of ours for every project we bring forward,” Prince Street Partners Chase Rapp said in a statement to The Registry. 

Prince Street Partners and Center Capital Partners acquired the site in March of this year for $82.75 million, or about $575 per square foot. The property was sold by Rockpoint Group, which had held the asset for seven years prior to the sale. 

The campus will be within proximity of several major employers, including Electronic Arts, Oracle, and others. Facebook and Google both have their campuses just a short drive south of the project site.

Both Prince Street, along with Center Capital, targets properties with long-term investment horizons and place an emphasis on investing in community growth, according to Rapp.Prince Street, based in Menlo Park, is no stranger to the area; currently the firm is developing 1021 Howard Ave. and 1091 Industrial Road in San Carlos, also known as Brittan West. The two projects total 220,000 square feet and 173,000 square feet, respectively. 

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