HCP’s New 884,000 SF Life Science Development Breaks Ground in South San Francisco
February 04 2015 - 8:00AM
Business Wire
The Cove project marks a new era in Bay Area life science
development, fueled by strong demand and record low vacancy
rates
HCP (NYSE:HCP) and CBRE Group, Inc. announced today that HCP
will break ground this week on the first phase of The Cove at
Oyster Point (The Cove), a new life science development located in
South San Francisco. For more information on The Cove, visit
www.covessf.com.
“We are excited to commence development of The Cove and believe
that its innovative design and rich amenities will be attractive to
our existing life science clients and the broader life science
industry,” stated Jon Bergschneider, Executive Vice President of
HCP Life Science Estates.
The Cove will be South San Francisco’s first ground-up
multi-tenant life science development in close to a decade,
according to CBRE life sciences experts Chris Jacobs and Rick
Friday, who have been engaged by HCP to exclusively handle leasing
of the project.
When complete, the Cove is planned to be an 884,000 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 102,000 square feet to 158,000
square feet in both single- and multi-tenant building
configurations. The first phase of the project, consisting of two
buildings totaling 253,000 square feet, is expected to be completed
in the third quarter of 2016.
The Cove will be a pre-certified LEED Silver project and is
planned to feature 5.5 acres of outdoor green space, a state of the
art amenity center, as well as retail and hotel entitlements.
“The time is right for new development in South San Francisco,”
according to CBRE’s Jacobs, who notes that vacancy for research
space in the area is less than one percent, while demand is strong.
“Market fundamentals and industry dynamics have built a compelling
case for new development,” he said. “I’ve been tracking life
sciences for 25 years and never seen vacancy this low. The strong
demand we’re seeing from life sciences tenants simply can’t be met
with the limited, existing inventory.”
“There are several life science companies with large
requirements in the market right now,” added Mr. Friday. “These
tenants are looking for the type of amenity-rich and collaborative
environment that The Cove will offer, as such we anticipate leasing
at the project to be quite competitive.”
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 4.8 million square feet in
its portfolio, including over 2.8 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 30 consecutive years; (iii) is
the only REIT included in the S&P 500 Dividend Aristocrats
index; and (iv) is a global leader in sustainability as a member of
the CDP, Dow Jones and FTSE4Good sustainability leadership indices,
as well as the GRESB Global Healthcare Sector Leader. For more
information regarding HCP, visit the Company’s website at
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
2013 Annual Report on Form 10-K. 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
2013 revenue). The Company has approximately 44,000 employees
(excluding affiliates), and serves real estate owners, investors
and occupiers through approximately 350 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.
HCP, Inc.Jonathan M. Bergschneider, 650-875-1004Executive
Vice President – Life Science
Estatesjbergschneider@hcpi.comorTimothy M. Schoen,
949-407-0400Executive Vice President and Chief Financial
Officerinvestorrelations@hcpi.comorCBRE Group, Inc.Rachel
Reilly, 925-296-7702Marketing Directorrachel.reilly@cbre.com
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