Kilroy Kicks Off Oyster Point Phase 1
In 2018, Kilroy Realty Corporation acquired the fully entitled Oyster Point waterfront development site in South San Francisco, advancing a long-term strategy to significantly increase its life science activity including assembling a pipeline of strategically located land sites for future development. Following its successful leasing of Kilroy Oyster Point Phase 1, Kilroy has started construction on the second phase of its five phase 50-acre 3-million square-foot development project.
Kilroy Oyster Point Phase 2 will include approximately 860,000 square feet in three buildings with a total estimated investment of $940 million. The design will meet the needs of biotechnology and pharmaceutical tenants.
“Our long-term commitment to understand and serve the needs of life science and healthcare tenants is now paying off,” said John Kilroy, Kilroy chairman and CEO. “The industry is experiencing accelerating growth and investment, and its potential impact on large sectors of our global economy is still in its infancy.”
South San Francisco is the West Coast’s largest community of life science companies and research institutions.
In addition to Kilroy Oyster Point, KRC owns three San Diego sites fully entitled for more than 700,000 square feet of life science development including Santa Fe Summit along the Route 56-Corridor, and 9514 Towne Centre Dr. and 4690 Executive Dr. in the University Towne Center submarket. With demand for life science space in preferred submarkets now driving vacancy rates to historic lows, the company is readying plans for additional development on these sites.