Longfellow Has Life Sciences Plans for $315M Portfolio

A nine-property office portfolio totaling 371,281 square feet in San Diego recently sold for $315.4 million. The buyer was Longfellow Real Estate Partners LLC, which intends to redevelop the entire portfolio into a life sciences campus.

The portfolio comprises properties located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Rd. in the Sorrento Mesa submarket. All nine properties are two-story buildings that are zoned for office, light industrial and other commercial uses including life sciences.

Positioned on 20.56 acres, the properties are surrounded by life sciences and tech corporate headquarters with access to Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute.

JLL represented the seller, PS Business Parks, and procured the buyer. The JLL seller team was led by Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett.

“This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of San Diego’s hottest emerging life sciences and innovation hubs,” LaChapelle said. “We received tremendous investor interest in the offering and are really excited to see Longfellow take ownership and transform the property into a modern life sciences campus.”