Top-rated Bay Area life science cluster attracts new development
JLL’s Capital Markets team places $400+ million construction loan for Genesis Marina
SAN DIEGO – May 3, 2021 – JLL Capital Markets announced today that it has secured a $400+ million construction loan for Genesis Marina, a to-be-built, waterfront Class A+ life science campus totaling approximately 570,000 square feet in Brisbane, Calif.
Working on behalf of Phase 3 Real Estate Partners, Inc. and Bain Capital Real Estate, JLL placed the construction loan with Barings LLC.
Genesis Marina is located on an 8.7-acre site within South San Francisco’s life science cluster, which is rated the number two market in the United States. With limited nearby new development, Genesis Marina will provide a trophy life science campus offering.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tim Wright, Managing Director Todd Sugimoto and Associate Daniel Pinkus.
“The financing opportunity for the Genesis Marina campus attracted a tremendous amount of interest as best-in-class life science developments are highly coveted at the moment,” noted Wright. “We are really excited to witness Phase 3’s vision for Genesis Marina come to life as one of the newest trophy life science campuses in San Francisco’s life science cluster.”
“The pandemic really accelerated the demand for life science space as well as attracted new entrants on the lending side,” Sugimoto added. “An aging population is driving greater demand for medical innovation and onshoring is driving accelerated demand for U.S. lab and pharmaceutical manufacturing space indicting the long-term strength of this sector.”
According to JLL’s recent Life Science Outlook, demand continues to grow in South San Francisco as funding sources are increasing and life science graduates from the surrounding colleges continue to flood into the market. Office-to-lab conversions have been the most popular solution to address the rising demand, however there is an ongoing shortage of highly amenitized, purpose-built projects such as Genesis Marina.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Genesis
Genesis is a life science real estate brand that leverages the deep experience and global breadth of its owners’ partnership to create an environment focused on meeting the needs of its tenants to accelerate their ground-breaking discovery. Genesis’ owners unique integrated venture combines Phase 3 Real Estate Partner’s decades of life science real estate development and tenant experience with Bain Capital’s pioneering value-add investment approach and the firm’s decades of leading experience in the Healthcare and Life Science industry At Genesis, we relentlessly pursue not only to provide the right environment today but through our deep industry partnerships and participation provide the best environment for cultivating tomorrow’s undiscovered advances in science.
About Phase 3
Phase 3 Real Estate Partners, Inc., (“Phase 3”) develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3’s focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm’s expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team. Phase 3’s current portfolio consists of nearly 3 million square feet and is growing in San Diego, San Francisco and Boston.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $4.5 billion of equity in over 440 assets across multiple sectors, including over $1.4 billion in over 5.7 million SF of life science assets. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered beginning in 1984 and leverages the firm’s deep expertise in healthcare and life sciences across numerous subsectors.
About Barings
Barings is a $327 billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of March 31, 2021