Healthpeak Properties Receives Entitlements for an Additional 1.3 Million Square Feet of Development at the Vantage Campus in South San Francisco
19 Décembre 2023 - 10:15PM
Business Wire
Healthpeak Properties, Inc. (NYSE: PEAK) (“Healthpeak”), a
leading owner, operator, and developer of real estate for
healthcare discovery and delivery, today announced it has received
approval of entitlements for Phases II and III of its purpose-built
lab development campus, Vantage, in South San Francisco.
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Rendering of Vantage Campus Phases II
& III by Flad Architects (Graphic: Business Wire)
The newly awarded entitlements provide Healthpeak the ability to
deliver an additional 1.3 million square feet of lab space,
bringing the combined campus to approximately 1.7 million square
feet upon full buildout. These entitlements represent double the
allowable density compared to when Healthpeak originally acquired
the land. The long-term nature of the entitlements offers
flexibility to deliver the balance of the development in phases to
align with market demand.
Strategically located in the heart of South San Francisco and at
the doorstep of Genentech’s headquarters, the 20-acre purpose-built
lab campus offers tenants a highly amenitized, world-class campus
setting with access to multiple modes of transportation including
direct access to the Rails-to-Trails pathway, which provides a
pedestrian connection to downtown South San Francisco's restaurant
and retail corridor, as well as the Caltrain station, which
recently completed a multi-year renovation.
“Inspired by our success at The Cove and other nearby campuses,
the Vantage master plan is a continuation of Healthpeak’s vision to
create a world class campus that provides an inviting and
collaborative setting for the nurturing of ideas, knowledge, and
discoveries that shape the biotech industry,” said Scott Bohn,
Healthpeak’s Chief Development Officer and Co-Head of Lab. “The
future phases of Vantage provide Healthpeak a strategic development
pipeline to meet the growth needs of our current and future
tenants.” Mr. Bohn continued, “We’re appreciative of the
collaborative and mutually beneficial relationship we have fostered
with the City of South San Francisco over the past three decades
and look forward to Vantage furthering South San Francisco’s
position as a leading market for biotech innovation.”
In 2022, Healthpeak commenced construction on Phase I of the
Vantage campus, consisting of 343,000 rental square feet across two
buildings, as well as a 40,000 square foot amenity building
featuring multiple dining options, conferencing space, and a
fitness center. Phase I is currently 52% leased to Astellas Pharma,
which took initial occupancy of its space in December 2023.
For additional information on the campus, please visit the
Vantage website at https://vantagessf.com/.
ABOUT HEALTHPEAK PROPERTIES
Healthpeak Properties, Inc. is a fully integrated real estate
investment trust (REIT) and S&P 500 company. Healthpeak owns,
operates, and develops high-quality real estate for healthcare
discovery and delivery. For more information regarding Healthpeak,
visit www.healthpeak.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical factual
statements are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include those regarding the development of Vantage. All
forward-looking statements are made as of the date hereof, are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties, assumptions and other factors — many
of which are out of Healthpeak's and its management's control and
difficult to forecast — that could cause actual results to differ
materially from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include
but are not limited to: Healthpeak's ability to commence and
complete the development, or portions thereof, to align with market
demand; the risk that Healthpeak may not be able to achieve the
benefits of the development within expected timeframes or at all,
or within expected cost projections; and other risks and
uncertainties described from time to time in Healthpeak's
Securities and Exchange Commission filings. You should not place
undue reliance on any forward-looking statements. Healthpeak
assumes no, and hereby disclaims any, obligation to update any
forward-looking statements as a result of new information or new or
future developments, except as otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231219454231/en/
Andrew Johns, CFA Senior Vice President – Investor Relations
720-428-5400
Healthpeak Properties (NYSE:PEAK)
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