The joint venture of Trammell Crow Co. and CBRE Investment Management has broken ground on a 234,000-square-foot life science development in Redwood City, Calif. DGA is the architect of record for the project, while Truebeck Construction serves as general contractor. Completion is expected during the fourth quarter of 2024.
The five-floor Class A project rising at 200 Twin Dolphin Drive in Bay Area’s Peninsula will feature a rooftop deck, outdoor terraces and access to walking and biking trails. Electric vehicle charging will be available at the property, which is aiming for a LEED Gold certification. A CBRE team comprising Mike Moran, Damon Schor and Charlie Moran are managing marketing and leasing at the facility.
The project’s beginnings date back to 2018, when Sand Hill Property Co. proposed the demolition of a six-asset office campus existing on location at the time; two new office buildings were to take its place.
However, plans changed over time. In 2021, the developer submitted a new proposal to Redwood City authorities, including a five-story office building and a five-level garage. Although approved, the project never took flight and, one year later, Trammell Crow purchased the 4.7-acre development site from Sand Hill for some $65 million.
The property will be just east of U.S. Route 101, across from the Red Shores Lagoon. Downtown San Francisco will be some 23 miles away.
Recent life science activity in San Francisco
Greater San Francisco remained the most expensive market in western U.S., according to a recent CommercialEdge report. The metro also had one of the nation’s highest vacancy rates in June, which the report attributed to difficulties surrounding the tech sector. Vacancies reached 21.1 percent, up 3.6 percent year-over-year.
However, the metro continues to attract life science projects. In March, Prologis requested the local authorities’ approval for the construction of a 550,000-square-foot campus in South San Francisco. The development site is just south of 100 E. Grand Ave., another parcel where the firm plans to build a recently entitled 600,000-square-foot life science campus.
Other recent life science deals in the area include IDEAYA Biosciences’ recent agreement to occupy 44,000 square feet at DivcoWest’s South San Francisco’s Sierra Point life science hub, and Madison Capital Group’s acquisition of a 575,775-square-foot research and development campus in Fremont, Calif.