Sterling Bay, Harrison Street Break Ground on Sorrento Mesa Biotech Campus
Sterling Bay and co-development partner Harrison Street have closed on a $265-million construction loan from Bank OZK on Pacific Center, a $650-million life sciences campus being developed in various phases over the next four years in San Diego’s Sorrento Mesa submarket.
With financing in hand, Sterling Bay and Harrison Street broke ground on the first phase of Pacific Center, which will bring 500,000 rentable square feet of scientific research space, a 28,000-square-foot amenity center and a 1,700-space parking facility to San Diego’s leading innovation district.
“Securing a loan for new construction in today’s economic climate is no small feat, which speaks to the confidence our finance partners have in Sterling Bay and Harrison Street’s unique approach to developing next-generation lab space,” said Andy Gloor, CEO of Sterling Bay. “San Diego’s life sciences ecosystem is thriving, and the demand for modern, highly amenitized research space is at critical max.”