Longfellow aims to turn Redwood City office park into 3.3M sf life science complex

Signs on with PGIM for plans to triple park’s size, add hotel

San Francisco /
Jun.June 07, 2022 09:30 AM
Longfellow Real Estate Partner's Adam Sichol and a rendering of the Redwood LIFE redevelopment (Longfellow Real Estate Partners & HOK, iStock)
Longfellow Real Estate Partner’s Adam Sichol and a rendering of the Redwood LIFE redevelopment (Longfellow Real Estate Partners & HOK, iStock)

The owners of a million-square-foot office park in Redwood City have submitted plans to triple its size and remake it into a life science campus, kicking off the entitlement process for a project that would also add a hotel to the property.

The application, filed Tuesday with the city, comes almost a year after Longfellow Real Estate Partners and PGIM submitted a preliminary proposal for the 84-acre redevelopment. Those early plans laid out the joint venture’s long-term vision for the Redwood LIFE office park, which contains 20 buildings on the edge of Redwood Shores between the Belmont Slough and Marina Parkway. Boston-based Longfellow, which is in charge of developing the project, wants to replace all of the structures with 15 new buildings while supplanting 97 percent of the surface parking with green space. The resulting campus would have about 3.3 million square feet of lab and office space, a 104-room hotel, new parking structures and over 47 acres of green space and trails.

The impetus behind the redevelopment is twofold: the existing park is outdated and limited in terms of the number of upgrades it can receive, and demand for space that caters to lab companies continues to far outpace supply, according to the project’s website. Life science real estate demand outpaces supply by two to one in most Bay Area submarkets, creating a “continually-favorable landlord market,” according to Cushman & Wakefield. And while the decade-long boom for the region’s lab companies seems to be ending, it will probably take several quarters for that slowdown to become apparent in the real estate market. Vacancies in San Mateo County, which includes Redwood City and 19 other cities and towns, was about 2.6 percent at the end of last quarter, Kidder Mathews data show.

Longfellow has spent the past two years working with community stakeholders and Redwood LIFE’s neighbors to inform its plans filed Tuesday, the firm’s Peter Fritz said in a Tuesday news release. Those plans will bring “extensive” community and economic benefits to the region. Among them: attracting life science companies that will bring thousands of well-paying jobs to the campus, and a commitment to invest $85 million to support the creation and preservation of affordable housing.

That commitment, which is being made in lieu of building on-site affordable homes, is $30 million more than the required so-called impact fee, Longfellow’s news release said. It’s being made in partnership with nonprofit developers Eden Housing and HIP Housing, said the release, which didn’t say how many affordable homes would be created and preserved through the project.





    Related Articles

    arrow_forward_ios
    3930 North First Street with Logitech CEO Bracken Darrell (Loopnet, Logitech)
    Logitech lease ends nearly six-year drought at Assembly campus in SJ
    Logitech lease ends nearly six-year drought at Assembly campus in SJ
    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
    Ellis’ Jason Morehouse and 200 Middlefield Road (Ellis Partners, LinkedIn)
    Ellis Partners nabs Class A office in Menlo Park
    Ellis Partners nabs Class A office in Menlo Park
    Onsemi's Hassane El-Khoury with 150 Rose Orchard Way, Microchips
    $27B chipmaker signs 92K sf office lease in North San Jose
    $27B chipmaker signs 92K sf office lease in North San Jose
    ByteDance's Zhang Yiming and Yahoo's Jim Lanzone with 1199 Coleman Avenue (Getty, CBRE)
    TikTok parent eyes 658K sf Yahoo San Jose campus
    TikTok parent eyes 658K sf Yahoo San Jose campus
    The Minkoff Group’s Will Birdsey and 1026 Bransten Road (LinkedIn, Google Maps)
    Minkoff buys concrete plant in ‘Innovation District’
    Minkoff buys concrete plant in ‘Innovation District’
    Trammell Crow Residential’s Stephanie Hill and a rendering of the approved project at 100 Produce Avenue and 124 Airport Boulevard (Crow Holdings, TCA Architects, iStock)
    Trammell Crow Residential buys into South SF sites entitled for multifamily
    Trammell Crow Residential buys into South SF sites entitled for multifamily
    Jay Paul Company’s Matthew Lituchy (left) and Apple’s Tim Cook with Mathilda Commons (LinkedIn, Getty, DES and ARC TEC)
    Apple takes another Sunnyvale campus
    Apple takes another Sunnyvale campus
    arrow_forward_ios

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

    Loading...