Healthpeak Gains Approval for 1.7M SF Lab Expansion in South SF

Healthpeak's Expansion Plans: A Boost for Biotech Innovation

Healthpeak Properties, Inc., a Denver-based real estate investment trust, has recently announced a significant expansion of its Vantage lab development campus in South San Francisco. The company has secured approval for Phases II and III of the project, which will allow it to add an impressive 1.3 million square feet of lab space. This expansion will quadruple the current size of the campus, reaching a total of 1.7 million square feet upon completion.

Meeting the Growing Demand for Lab Space

The additional lab space is part of Healthpeak's strategic development pipeline, designed to cater to the evolving needs of its existing and prospective tenants. Scott Bohn, Healthpeak's Chief Development Officer, expressed gratitude for the supportive relationship the company has built with the City of South San Francisco over the past 30 years. He also shared his enthusiasm about how the Vantage expansion will reinforce South San Francisco's reputation as a leading hub for biotech innovation.

Vantage Phase I: A Promising Start

In 2022, Healthpeak initiated the construction of Phase I of the Vantage project. This phase includes two buildings offering 343,000 rentable square feet, along with a 40,000-square-foot amenity building. The company has already leased 52% of this space to Astellas Pharma, a testament to the high demand for quality lab space in the area.

Looking Ahead: The Impact of the Vantage Expansion

The Vantage expansion is a significant development in the real estate and biotech sectors of South San Francisco. By quadrupling its lab space, Healthpeak is not only meeting the growing demand for lab facilities but also contributing to the city's position as a leading market for biotech innovation. This development is expected to attract more biotech companies to the area, potentially leading to increased job opportunities and economic growth.