Genesis Secures $484 Million for South San Francisco Life Science Campus
Genesis, a partnership established between Bain Capital Real Estate and Phase 3 Real Estate Partners Inc., has successfully obtained $484 million aimed at refinancing GENESIS Marina. This complex, a three-building life science campus, spans 566,661 square feet and is located in Brisbane, California.
The financing deal was facilitated by Brookfield’s Real Estate Credit group and orchestrated by JLL Capital Markets. Previously, Genesis obtained a $450 million construction loan from Massachusetts Mutual Life Insurance Co. in 2021, which was set to mature this year, according to records from CommercialEdge.
About GENESIS Marina
Positioned on a strategically located 9-acre waterfront site, GENESIS Marina is in proximity to U.S. Highway 101 and benefits from access to South San Francisco’s prominent life sciences district. The development comprises:
- 3000 Marina Blvd. – A six-story building with 194,702 square feet of space.
- 3300 Marina Blvd. – A five-story structure offering 197,959 square feet.
- 3500 Marina Blvd. – A five-story facility providing 174,000 square feet.
The campus features modern Class A facilities that include various lab and office spaces, with floorplates ranging from 35,000 to 43,500 square feet. In addition, amenities like passenger elevators, an on-site fitness center, and over 1,000 parking spaces add to its appeal. Other facilities include a conference center, dining spaces, a café, and an outdoor terrace, along with electric vehicle charging stations.
Current Trends in Life Science Real Estate
The life science real estate sector is facing notable challenges. A recent report by CommercialEdge indicates a significant decrease in new construction, with only 948,000 square feet of lab space commenced at the end of the previous year. This is a stark contrast to the over 30 million square feet initiated between 2021 and 2023, largely attributed to diminished demand for lab environments amidst an oversaturated supply.
As of November 2024, San Francisco had approximately 3.8 million square feet of office space under development, ranking second nationally behind Boston’s 9.3 million square feet pipeline. Among ongoing projects, the notable IQHQ’s The Spur aims to introduce a 330,000-square-foot facility in South San Francisco, with completion anticipated later this year.
