SAN FRANCISCO—Onyx Pharmaceuticals Inc., a global commercial-stage oncology company, has signed a 10-year lease for single tenant, ground-up development at 269 East Grand Avenue in South San Francisco.
Alexandria Real Estate Equities Inc. announced the deal. The company expects to deliver the 269 East Grand Avenue in the fourth quarter of 2014 and is currently negotiating a secured construction loan to provide funding for this project. Alexandria also intends to fund this development on a leverage-neutral basis.
Joel Marcus, founder of Alexandria, says in a statement that the ground-up development of this facility is consistent with the firm's strategy to transform non-income-producing land into income-producing assets with significant pre-leasing from high-quality client tenants. "Onyx represents a significant new second generation of biotechnology companies that are commercializing breakthrough, high-impact products that will save lives, manage disease and reduce the economic burden of disease on society," Marcus says.
Alexandria is a life science owner and operator in the San Francisco Bay Area cluster with approximately 2.9 million rentable square feet (including development and redevelopment assets) in the Mission Bay, South San Francisco, and Peninsula submarkets.