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Healthpeak Properties, the real estate investment trust and S&P 500 company, has had a rather busy start to the summer in San Diego. The company specializes in private-pay healthcare assets for Life Science, Medical Offices, and CCRCs, and fortunately for San Diego, is committed to pioneering life science real estate in the city.
The company announced last week that Turning Point Therapeutics, Inc, the biopharmaceutical company that designs targeted oncology therapies, has committed to a long-term lease for the entire Callan Ridge densification project in San Diego’s Torrey Pines submarket.
Callan Ridge is located in the heart of Healthpeak’s 20-acre Torrey Pines Science Park. According to Healthpeak’s announcement, the project will culminate in two buildings, which will occupy roughly 185,000 square feet and feature “stunning architecture with unparalleled coastal and canyon views.” The Class A campus is replacing a 90,000 square foot building in the park. The new building will feature flexible floor plates.
“We are excited to welcome Turning Point to our San Diego portfolio,” says Michael Dorris, Healthpeak’s Senior Vice President and Co-Head of Life Science. “Turning Point selected Callan Ridge as their new headquarters due to its location in the heart of Torrey Pines Science Park, unique architecture featuring a green roof, and numerous on-site amenities.”
Callan Ridge is Healthpeak’s second Torrey Pines’ ground-up project. The company also announced plans to begin construction on Sorrento Gateway, a Class A property in the Sorrento Mesa submarket.
Turning Point’s lease is projected to begin at the end of 2022, once construction on Callan Ridge is completed.