Woodstock Development Proposes New Life Science Lab in Berkeley
Project Overview
Woodstock Development, a Burlingame-based firm led by Kirk Syme, has announced plans for the construction of a substantial life science laboratory near the Berkeley waterfront. The proposal includes a nearly 250,000-square-foot facility aimed at replacing an older office and research campus established in the 1970s, according to reports from the San Francisco Business Times.
Details of the Proposed Facility
The proposed research building, located at 600 Bancroft Way, is designed to feature three to four stories and will offer parking for 512 vehicles. The architectural plans include attractive floor-to-ceiling windows framed by white vertical columns, complemented by inset balconies at each end of the structure, as described in visual renderings.
The Current Market Landscape
This move by Woodstock Development arrives during a notable downturn in the life science sector throughout the San Francisco Bay Area. With the overall vacancy rate for life science facilities in Berkeley reaching 14.1 percent in the second quarter of the year—an increase in supply has been attributed to an overall doubling of available lab space in recent years.
- The vacancy rate in nearby Emeryville stands at a striking 37 percent.
- In South San Francisco, the renowned “Birthplace of Biotechnology,” numerous development projects are stalled, with over 9 million square feet of approved office and lab spaces on hold.
Previous Investments and Developments
In 2021, Invesco Real Estate Partners acquired the current 47,800-square-foot research campus for $40 million, reflecting a market price of approximately $800 per square foot. This facility was fully leased at the time of purchase, hosting tenants including Bonneville Labs and Lifelong Medical Care, with lease expiration dates extending to 2027.
Future Prospects for Woodstock Development
Founded in 1995, Woodstock Development has a solid track record, having completed over 3 million square feet of commercial life science projects across the San Francisco Peninsula and East Bay. Currently, the firm holds more than 2 million square feet in ongoing development projects.
In addition, Woodstock Development had a joint venture approved with DivcoWest for the construction of a significant 1.4 million-square-foot life science campus in Burlingame earlier this year.
Conclusion
As Woodstock Development moves forward with its plans, the local real estate landscape continues to adapt to the realities of a fluctuating market. With a focus on innovative design and strategic investment, the development of this new laboratory could signify an important step in the ongoing evolution of Berkeley’s life science sector.
