SAN DIEGO, CALIF. – A remarkable testament to the allure and desirability of Downtown San Diego as a growing hub for life science companies, Phase 3 Real Estate Partners, Inc. has proudly announced its newest lease with Novoron Bioscience within the highly coveted GENESIS-San Diego. This cutting-edge, eight-story, 200,000-square-foot Class A life science building, established itself as a premiere facility for some of the most forward-thinking life science companies in San Diego.
The signing of Novoron Bioscience to a new 7,432-square-foot lease marks yet another significant milestone in the continued success of GENESIS-San Diego. Adding to the momentum at GENESIS-San Diego, this is the third lease agreement executed within the past 12 months in downtown’s newest wet lab building.
Novoron Bioscience will use the space to continue pioneering its lipoprotein-receptor drug development to repair damage and degeneration to the brain, spinal cord and beyond by being dedicated to solving some of the most challenging neurological conditions including Multiple Sclerosis, spinal cord injuries and Alzheimer’s Disease.
“We are excited to join the esteemed community of tenants at Genesis San Diego,” said Shawn Gahr, COO & CFO at Novoron Bioscience. “The unmatched resources, inspiring environment, and unwavering commitment to innovation offered by Phase 3 Real Estate Partners align perfectly with our vision for the future. We are confident that this partnership will propel us to new heights and accelerate our journey toward ground-breaking scientific advancements.”
JLL’s Chad Urie, Grant Schoneman and Taylor DeBerry as well as John Hundley of Kidder Mathews represented the landlord, Phase 3 Real Estate Partners, in the lease. Novoron Bioscience was represented by Jon Engle of Kidder Matthews. GENESIS San Diego can accommodate users ranging from 7,500 square feet and larger.
“We continue to see life science tenants seek out high quality, pre-built lab space that helps shorten the occupancy timeframe,” said Grant Schoneman, JLL Executive Managing Director. “The spec suites at GENESIS San Diego are the perfect solution for companies looking for immediate occupancy of newly built-out lab and office space in order to further develop their technology.”
Phase 3 Real Estate Partners Inc., in partnership with Barings and Bain Capital Real Estate, completed the Genesis-San Diego life science conversion in mid-2022, delivering robust infrastructure, premier finishes and thoughtful designs that were curated allowing today’s top biotech companies space to grow, and succeed in their endeavours.
About Phase 3 Real Estate Partners
Phase 3 Real Estate Partners, Inc., (“Phase 3”) develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3’s focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm’s expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team. Phase 3’s current portfolio consists of nearly 4.5 million square feet and is growing in San Diego, San Francisco and Boston.
About Barings
Barings is a $362+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $6.9 billion of equity in more than 550 assets across multiple sectors, including more than $1.7 billion in over 6.8 million SF of life sciences assets. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
