King Street Acquires Life Science Campus in UTC Submarket

(Updated with additional information)

Boston-based King Street Properties has acquired the Esplanade, a 241,963-square-foot, multi-building life science campus in San Diego’s popular University City / University Towne Centre (UTC) submarket. The transaction for three of the buildings, including 4755 Nexus Center Dr., 4757 Nexus Center Dr. and 4796 Executive Dr., closed on Dec. 30, 2024; the transaction agreement also includes the sale of a fourth building, slated to close in December 2025. The purchase price, seller and terms were undisclosed.

King Street is planning campus-wide improvements including the addition of common amenities, the upgrade of existing lab infrastructure and an expansion of available lab space. The new common area amenities will include a conference center, a fitness center and upgrades to outdoor gathering spaces.

“We’re thrilled to announce the acquisition of the Esplanade campus, which adds to our growing portfolio in the San Diego market, enabling us to expand our offerings and meet the needs of tenants of all sizes,” said Sonia Taneja, managing director overseeing the West Coast for King Street.

Newmark executive managing directors Brunson Howard, Rick Reeder and Brad Tecca, co-head of U.S. capital markets Kevin Shannon and associate Tanner Harris represented the seller.