California + San Diego + Healthcare | May 24, 2023

Sterling Bay and Harrison Street have closed on construction financing for the first phase of a life sciences campus in San Diego's Sorrento Mesa submarket

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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