IRVINE, Calif. and
SAN FRANCISCO, Jan. 29, 2016 /PRNewswire/ -- HCP (NYSE:
HCP) and CBRE Group, Inc. announced today that HCP will break
ground on the second phase of The Cove at Oyster Point ("The
Cove"), its newest life science development located in South San
Francisco. For more information on The Cove, visit
www.CoveSSF.com.
"We are extremely pleased with the progress of the first phase
at the Cove, which commenced one year ago. The reception of
the project in the marketplace has been exceptional and is
validated by the successful leasing of half of the space currently
under construction. The Cove has set an unparalleled standard
of design that caters to life science companies seeking a vibrant
workplace in which to innovate and collaborate," stated
Jon Bergschneider, Executive Vice
President of HCP Life Science Estates.
When complete, the Cove will be a 1 million square foot, fully
integrated, waterfront campus located on Oyster Point Boulevard in
South San Francisco. The
campus design consists of seven buildings ranging in size from
115,000 square feet to 182,000 square feet in both single- and
multi-tenant building configurations. It will be a
pre-certified LEED Silver project featuring 5.5 acres of outdoor
green space and a state of the art 30,000 square foot amenity
center which will open in the third quarter of 2016, including food
service, fitness, meeting space, as well as retail and a future
on-site hotel.
The first phase of the project, which commenced construction in
February 2015, consists of two
buildings totaling up to 250,000 square feet and will be completed
in the third quarter of 2016. The second phase of the project
will consist of an additional two buildings totaling up to 230,000
square feet, a four-story parking garage, and 20,000 square feet of
retail and restaurant space to serve the project and surrounding
community. Occupancy of the second phase is targeted for the
third quarter of 2017.
"There has been significant interest in the project as life
science companies stay focused on recruiting and retention in
today's competitive landscape," added CBRE's Rick Friday, who along with Chris Jacobs has been engaged by HCP to
exclusively handle leasing of the project. "The project's location,
design and amenities are critical to that effort."
"We are pleased to welcome our newest clients, CytomX
Therapeutics and Denali Therapeutics, into the HCP portfolio, both
of which will move into the Cove in the second half of this year,"
stated Scott Bohn, Vice President of
HCP Life Science Estates. "Given the positive market activity
on the remaining 135,000 square feet of the first phase, we are
continuing with the next logical step in the delivery of the
Cove."
"The market has only improved over the past year with increasing
rental rates and zero vacancy in South San Francisco. There
is a tremendous need for additional supply to accommodate the
growth of life science users," according to CBRE's Chris Jacobs.
HCP is a premier owner and developer of life science and office
real estate on the West Coast. HCP is the largest life
science property owner in the Bay Area with over 5 million square
feet, including over 3 million square feet in South San
Francisco. HCP is a pioneer of life science development in
South San Francisco with a track
record of delivering first class life science campuses in this
market since the mid-1990s.
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. HCP's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and
hospital. A publicly traded company since 1985, HCP: (i) was
the first healthcare REIT selected to the S&P 500 index; (ii)
has increased its dividend per share for 31 consecutive years;
(iii) is the only REIT included in the S&P 500 Dividend
Aristocrats index; and (iv) is recognized as a global leader in
sustainability as a member of the Dow Jones and FTSE4Good
sustainability indices, as well as the recipient in three of the
past four years of both the GRESB Global Healthcare Sector Leader
and the NAREIT Healthcare Leader in the Light Award. For more
information regarding HCP, visit www.hcpi.com.
HCP Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements made by HCP in this release or
relating hereto which are not historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements include, among other
things, statements regarding the development of The Cove and HCP's
anticipated outcomes. These statements are made as of the date
hereof, are not guarantees of future performance and are subject to
known and unknown risks, uncertainties, assumptions and other
factors — many of which are out of HCP's control and difficult to
forecast — that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements. These risks and uncertainties include but are not
limited to the risks associated with general economic conditions
and other risks and uncertainties described from time to time in
HCP's Securities and Exchange Commission filings, including its
2014 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
HCP assumes no, and hereby disclaims any, obligation to update any
of the foregoing or any other forward-looking statements as a
result of new information or new or future developments, except as
otherwise required by law.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500
company headquartered in Los
Angeles, is the world's largest commercial real estate
services and investment firm (in terms of 2014 revenue). The
Company has more than 70,000 employees (excluding affiliates), and
serves real estate owners, investors and occupiers through more
than 400 offices (excluding affiliates) worldwide. CBRE offers
strategic advice and execution for property sales and leasing;
corporate services; property, facilities and project management;
mortgage banking; appraisal and valuation; development services;
investment management; and research and consulting. Please visit
our website at www.cbre.com.
Contact
HCP, Inc.
Jonathan M. Bergschneider
Executive Vice President – Life Science Estates
(650) 875-1004
jbergschneider@hcpi.com
Timothy M. Schoen
Executive Vice President and Chief Financial Officer
(949) 407-0400
investorrelations@hcpi.com
Or
CBRE Group, Inc.
Angela
Carlton
Marketing Manager
(916) 446-8210
angela.carlton@cbre.com
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SOURCE HCP, Inc.; CBRE Group, Inc.