Longfellow Picks Up Another West Coast Life Science Asset with $26.7M CA PurchaseJuly 14, 2019
BOSTON—Continuing to expand its West Coast portfolio, Fast growing Longfellow Real Estate Partners has acquired Sycamore Creek Research Park in the Sorrento Valley. It also named Newmark Knight Frank (NKF) as its strategic leasing partner for its expanding life science and creative office portfolio in San Diego.
NKF will get to work immediately marketing available space at Sycamore Creek as well as at Longfellow’s other recent acquisitions in the area, the Inspire and Roselle campuses. With the acquisition of Sycamore Creek, Longfellow now owns a local portfolio of more than 443,000 square feet in 17 buildings within the Sorrento Valley submarket of San Diego.
“Longfellow’s acquisition of Sycamore Creek and partnership with NKF further establish us as a premier West Coast life science, tech and Class-A office real estate investor, developer and operator,” says Longfellow West Coast Managing Director Nick Frasco. “We’re hitting the ground running, actively leasing space even as we undertake signature Longfellow upgrades.”
Longfellow acquired Sycamore Creek Research Park for $26,725,000. Located at 10655, 10665, and 10675 Sorrento Valley Road, the campus is 70 percent occupied and totals 86,788 square feet. The seller, West Coast Capital Partners, was represented by Doug Lozier of CBRE, while Longfellow was self-represented.
“With the acquisition of Sycamore Creek Research Park, Longfellow expands and enhances its presence in the San Diego area, one of the world’s premier life science and tech clusters,” commented Jessica Brock, partner with Longfellow. “We’ve found the market welcoming and the business climate excellent. We look forward to many client relationships here as well as future growth on the West Coast.”
Longfellow says it will continue an extensive renovation that the seller had begun to reposition the buildings to accommodate life science and creative office users. Longfellow is delivering speculative lab space in the 10675 building; the two other buildings will receive similar lab improvements as tenants vacate. Other planned capital improvements are expected soon. Specifics on rebranding, finalized plans and anticipated completion are expected to release to the market in the coming months.
Eight months ago, Longfellow entered the San Diego market with its first acquisition of Inspire, a 12-building office campus totaling 318,969 square feet. In January it acquired Roselle, a two-building asset totaling 37,555 square feet situated about one-mile from Inspire. The 14 buildings are expected to begin their extensive renovations in the coming months.
The Sycamore acquisition increases Longfellow’s portfolio to more than 1.44 million square feet for the West Coast and just over 3.84 million square feet of tech and life science space owned and under management in innovation hubs such as Greater Boston, Philadelphia, North Carolina’s Research Triangle region and San Francisco.Jessica Brock Nick Frasco