Phase 3 Real Estate Partners has leased 49,000 square feet atop a new life science building to an alternative protein startup for its headquarters and research labs in Daly City.
The San Diego-based investor cut a deal with Every at the new 385,000-square-foot Genesis Station at 2001 Junipero Serra Boulevard, off of Highway I-280, the San Francisco Business Times reported. Terms of the lease were not disclosed.
Phase 3 bought the Class A office building and a seven-level parking garage next door in 2021 for just under $169 million, then converted it into life science labs. The redevelopment was completed this year.
Every, formerly based in South San Francisco, is now the anchor tenant on the top floor, with naming rights. Its new headquarters, dubbed the Hatchery, has a 60-40 split between R&D labs and offices, to be used for upstream research, recipe development and corporate meetings.
Its new hub is a five-minute walk to the Daly City BART station and five minutes by car to UC San Francisco and San Francisco International Airport.
Every was launched in 2014 as Clara Foods by David Anchel, Isha Datar and CEO Arturo Elizondo.
The biotech startup develops and manufactures protein ingredients such as substitute egg whites via the fermentation process, and has a mission to accelerate the world’s adoption of animal-free foods.
The company has raised at least $255 million, according to PitchBook, and has entered the consumer market with a tasteless protein in smoothie products from Pressed and Pulp Culture, plus a macaron by bakery Chantal Guillon.
A partnership with Anheuser-Busch parent AB InBev is scaling production of its egg white substitute, according to the Business Journal.
In February, the company received an undisclosed investment from actress Anne Hathaway.
Last month, Every appointed a new head of intellectual property, Nair Flores, who held similar executive roles at Facebook, Lyft and later Upside Foods.
Last month, Phase 3 Real Estate Partners bought a 250,000-square-foot office complex on the San Carlos waterfront at 959 and 999 Skyway Road for $102 million.
Phase 3 is now developing a 17-story office and research building at 121 East Grand Avenue in South San Francisco.
In 2019, the firm completed the nearby 721,000-square-foot Genesis Towers in South San Francisco, which sold in 2020 for $1 billion.
— Dana Bartholomew
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