Boston life science developer to expand to West Coast amid region’s lab boom

Firm to search for SF office as it eyes opportunities in top US life science markets

San Francisco /
Mar.March 10, 2022 11:55 AM
Sonia Taneja with Burlingame (King Street Properties, Perkins and Will, iStock)
Sonia Taneja with a 485,000-square-foot project King Street Properties is developing in Burlingame (King Street Properties, Perkins and Will, iStock)

King Street Properties, which specializes in life science real estate in the Northeast, is expanding to the West Coast, eyeing opportunities in the Bay Area, Seattle and San Diego for lab and biomanufacturing projects.

The Boston-based firm, which has offices in New York and North Carolina, tapped Sonia Taneja to lead its westward expansion, it said this week in a statement. Taneja most recently served as senior vice president at Spear Street Capital, a San Francisco-based office landlord, and has more than 16 years of commercial real estate experience, the firm said. She’ll oversee King Street’s Bay Area investments and will also assess opportunities in other regional markets, including San Diego and Seattle.

The firm will undertake a search for an office in San Francisco, according to the San Francisco Business Times, which earlier reported King Street’s expansion plans. It’s looking for opportunities to create “best-in-class lab and biomanufacturing” workplaces, Taneja told the newspaper.

“This is a combination of research and development space, but also biomanufacturing, which doesn’t really have an organized marketplace for builders in the U.S. for doing that,” she said.

The Bay Area, San Diego and Seattle are among the nation’s top life science clusters, and the need for labs and biotech buildings hit a new high during the pandemic. In the Bay Area, demand significantly outweighs existing supply and is expected to remain steady for the foreseeable future, making it one of the most attractive life science real estate markets in the short and long term. That’s attracted out-of-state investors like Harrison Street Real Estate Capital and Oxford Properties Group to the region, and King Street is the latest one seeking a piece of the action.

King Street is scouting for investment opportunities in San Francisco, the Peninsula, the East Bay and potentially parts of the Bay Area traditionally considered outside of its northern and eastern boundaries, Taneja told the Business Times. It said in September that it partnered with a Brookfield Asset Management real estate fund to pursue life science real estate investments across the U.S. The partnership plans to invest about $1.5 billion in equity capital toward King Street’s lab property pipeline, which totals more than 2 million square feet.





    Related Articles

    arrow_forward_ios
    Wells Fargo's Charles W. Scharf and 333 Market Street, San Francisco (Wells Fargo, Google Maps)
    Wells Fargo renews on 620K sf for San Francisco HQ
    Wells Fargo renews on 620K sf for San Francisco HQ
    New builds in Oakland (iStock)
    Oakland entitlement, permit processes less than one-third as long as SF
    Oakland entitlement, permit processes less than one-third as long as SF
    Trammell Crow’s Mike Lafitte and rendering of office project at 490 Brannan Street (Trammell Crow, Perkins & Will)
    Strada walks away from office tower project in SF’s SoMa
    Strada walks away from office tower project in SF’s SoMa
    San Fransisco home
    Bay Area ranks 16th in the U.S. in share of investor bought homes
    Bay Area ranks 16th in the U.S. in share of investor bought homes
    Millennium Tower, 301 Mission St
    Fix is in for leaning Millennium Tower of San Francisco
    Fix is in for leaning Millennium Tower of San Francisco
    Alexandria Center for Life Science (Alexandria Real Estate Equities, iStock)
    You bet for your life science: Bay Area sector remains sturdy despite uncertainty for tenants
    You bet for your life science: Bay Area sector remains sturdy despite uncertainty for tenants
    San Francisco Supervisor Dean Preston (iStock, deanprestonsf.com)
    SF Supervisor Dean Preston seeks $100M for public housing
    SF Supervisor Dean Preston seeks $100M for public housing
    Block's Jack Dorsey with 1455 Market St, Block Head
    Block to pull out of SF’s Mid-Market after delisting HQ
    Block to pull out of SF’s Mid-Market after delisting HQ
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...