BioMed Pushes Life Science Expansion With Belmont Project

San Diego-based BioMed Realty has proposed an almost 1-million-square-foot life science development on the site of the former Oracle campus in Belmont, according to plans filed with the city. The investment firm bought the site in 2021 for $160 million.

The project, which BioMed is calling Island Parkway, is located on a 9-acre site at 300-301, 400 Island Parkway and 800 Clipper Drive. The proposed project includes about 850,000 square feet of new life science space across three buildings, along with 15,000 square feet of new amenity space, a representative from BioMed told TRD.

The plan also includes: 2,240 parking spaces across a parking structure and podium parking which includes more than 80 spaces designated for public use, new shoreline trails, upgraded streetscapes and bike lanes and improvements to the adjacent Belmont Sports Complex parking lot and drop-off area.

According to BioMed’s website, the property currently comprises three fully vacant assets totaling 229,000 square feet with life science conversion potential and a 6.5-acre adjacent development parcel capable of supporting 350,000 square feet of development.

BioMed is looking to expand its life science presence in the South Bay with already having nearly 7 million square feet of life science assets in the Peninsula.

The company has multiple large scale life science projects in the Bay Area currently. BioMed is in the middle of a multiphase, 1.5 million-square-foot redevelopment in South San Francisco called Gateway of the Pacific. The project started construction in 2017.

BioMed also is expanding its life science campus in Emeryville by nearly 1 million square feet, which is slated to be completed in 2024.

The Bay Area life science market remained hot at the close of 2022, according to a report by brokerage Newmark.

“Demand for life science space continues to surge in the Bay Area market, which has led to an ongoing flurry of leasing and investment opportunities,” the report said.

The availability rate fell from 6.8 percent in the third quarter to 5.9 percent last quarter. Looking ahead, there was more space under construction last quarter with 3.4 million square feet compared to 3 million in the previous quarter.