Downtown San Diego will be welcoming a new Premier Class A life science building by the end of 2021. The project, which will replace the Thomas Jefferson School of Law, is in response to a growing life science demand in the city. It’s suggested that the demand for life science in the area is due to the anticipated connectivity to the University of California San Diego (UCSD), which is one of the top life science universities in the entire country.
Managing Director for Barings U.S. Real Estate Equity Joe Gorin explained that the company targets market locations that have both a highly educated workforce and a significant STEM employer presence. As development continues and more STEM employers relocate to the area, experts anticipate many will be attracted to move into the downtown area.
With the anticipated migration due to the expansion of life science, downtown San Diego condos will be filling up quickly. Life science is an increasingly growing industry in the US, with increased funding from both public and private actors. Gorin notes that on top of the growing life science presence, downtown San Diego is already known for their work-hard play-hard environment.
The project includes green design elements, smart building systems, and is currently LEED-Gold certified, which is the highest rating from the Leadership in Energy and Developmental Design council. The building is also conducive to the life science conversion because of its large floor plates and its height. 1155 Island Ave. also provides access to the Gaslamp Quarter, granting retail, dining, and entertainment options for its tenants.
Barings’ real estate investment strategy is likely to attract migration to the area. Due to the focus on life science in the area, tenants are anticipated to also be highly educated with medium-to-high income, which will do wonders for the downtown area. San Diego continues its redevelopment phase, with a number of proposals likely to attract even more attention.