MITSUI FUDOSAN CO., LTD. November 2nd, 2021
For immediate release
Mitsui Fudosan Co., Ltd
Mitsui Fudosan expands its Laboratory and Office business in the US
Two new projects in San Diego and San Francisco announced
Tokyo, Japan, November 2nd, 2021 - Mitsui Fudosan Co., Ltd, a leading global real estate company headquartered in Tokyo, announced today through its U.S. subsidiary Mitsui Fudosan America, Inc. (CEO: John Westerfield), that it will participate in "Torrey View", a lab complex project located in San Diego, California, US, and "Mission Rock Phase I", a mixed use development project located in the Bay Area of San Francisco.
With the two latest announced projects in addition to Boston's "Innovation Square Phase II" commenced in 2019, Mitsui will now be operating its Lab & Office business in the top 3 Life Science clusters of the US. The total cost of these three projects will add up to more than $1.2 billion.
Top Left： Interior of Torrey View (CGI) / Bottom Left: Exterior of Torrey View (CGI)/ Right: Exterior of Mission Rock Building B
Key Points of this Press Release
- San Diego's "Torrey View" lab complex project announced
- San Francisco Bay Area's "Mission Rock Phase I" mixed-use project (including laboratories) announced
- Participation in these projects mean Mitsui will now be operating in the Top 3 Life Science clusters of the US
- Including "Innovation Square Phase II" in Boston, the total cost of Mitsui's overseas lab projects will add up to more than $1.2 billion.
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The Top 3 Life Science Cluster of the US
The research in the field of life science has never been more so important in the recent years, and as if to correlate to such trend, the life science clusters, where many of the companies and employers in that field resides, are rapidly growing on a global scale. Within the cluster, players from different fields such as research institutes or companies gather to create synergy, consequently creating new innovation in the life science field through their collaboration. Moreover, government and venture capitals funding to the facilities accelerates this synergy, helping the life science field develop further.
The US are known as the global leader for this trend, as it continues to create a mature market for the lab & office business to help support such research. In particular, Boston, San Francisco Bay Area, and San Diego has long been recognized as the top three clusters in the US for its size, the amount of investments, and for locating one of highly regarded universities in the nation, and is highly valued not only within the country, but globally.
Top three Life Science clusters in the US
(Source: Ministry of Economy, Trade, and Industry)
While Mitsui first began its lab & office leasing business on a domestic level back in 2019, after its first overseas project "Innovation Square Phase II" in Boston that commenced in 2019, the company aims to further expand its business in the US.
Now, with the newly announced Torrey View and Mission Rock Phase I, the company will now be operating in the top three life science clusters in the US. With this, the company targets to increase its presence in the global life science market even further.
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About "Torrey View"
"Torrey View" will be Mitsui's first Lab & Office project in the west region of the US.
Exterior CGI
- About the area
The project is located in the Del Mar Heights sub-market, which has a strong amenity base with numerous shopping malls, beaches, and retails nearby. The area, as well as San Diego itself, is known for being the headquarters of numerous life science companies and hotbed for innovation. Due to this, many of its employees live in and around the upscale residential neighborhoods proximate to the projects. The area is also convenient with the I-5 highway only two minutes away, and excellent access to the San Diego International Airport.
In addition to biotech companies, several renowned life science research facilities and university campuses including the Salk Institute, the Scripps Research Institute, and University of California, San Diego (UCSD), are located in San Diego. This has contributed to making San Diego one of the top life science clusters in the US.
- About the project
The project consists of three research and development (R&D) buildings and a tenant club house. The project is pre-letto a global research and development company which represents 40% of the project.
Mitsui will partner with Breakthrough Properties, a JV company formed by Tishman Speyer, a prior partner on several other projects, and Bellco Capital, a direct investment firm known for its experience in the life science field.
Interior CGI
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About "Mission Rock Phase I"
"Mission Rock Phase I", as its name suggests, will be the first of the four phases of the Mission Rock development project. The 3.7 million square feet project, given its size and its influence, will ought to become one of the rarest projects that Mitsui will be operating.
Exterior CGI
- About the Area
The project is located in the Mission Bay of the San Francisco Bay Area, one of the geographically largest bays in the West Region of the US. Formerly an industrial area, Mission Bay developed drastically through the years since the Board of Supervisors' announced the area as a redevelopment project in 1998. Now, large sites of research facilities and campuses including that of the University of California San Francisco and the medical center also of UCSF situates in the area. Moreover, with the ongoing development for residential housings and retails, the area is now not only recognized as a tech area but also as a mixed-use area.
In other fields, Oracle Park, home stadium of MLB's San Francisco Giants, and Chase Center, home arena of NBA's Golden State Warriors since the 19/20 season, are located in the north and south of the project, respectively, bringing sports entertainment to the area as well.
The convenience of transportation is what also makes this area popular, with "3rd St & Mission Rock" MUNI T-Line station a minute away, and "San Francisco" Cal-Train station seven minutes away, both on foot. US Route 101 and 280 are also nearby, allowing people to have good access to the San Francisco International Airport.
- About the project
The project consists of four buildings; two offices (Bldg. B and G), a rental housing (Bldg. F), and a mixed- use building consisting of an office, housing, and retails (Bldg. A). In terms of Bldg. G, construction began in December 2020, with the entire space pre-let to multinational financial corporation VISA. As for Bldg. A and B, construction began in January 2021 and June 2021, respectively.
While Bldg. G and the office section of Building A are both ordinary offices, Bldg. B can also accompany life science tenants for its ability to be utilized as a laboratory, and by this, the project is expected to contribute to the further development of this cluster.
Mitsui will partner with Tishman Giants, a JV company formed by Tishman Speyer and San Francisco Giants.
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＜Attachment 1＞ Overview of Torrey View Development Project (Planned)
- Overview of the project
Location | 11202 El Camino Real San Diego, CA 92130 | |
Access | 20 mins drive away from San Diego International Airport | |
2 mins drive away from I-5 Local Bypass entrance | ||
Site Area | Approx. 430,000 ft2 (approx. 40,000 ㎡) | |
Approx. 515,000 ft2（approx. 47,800 ㎡) | ||
Rental Space | Bldg. A: Approx. 163,600 ft2 (approx. 15,200 ㎡) | |
Bldg. B: Approx. 133,000 ft2 (approx. 12,400 ㎡) | ||
Bldg. C: Approx. 218,400 ft2 (approx. 20,300 ㎡) | ||
Use | Laboratories and offices | |
Structure | Steel Structure | |
Bldg. A: 4 floors above ground | ||
Floors | Bldg. B: 4 floors above ground | |
Bldg. C: 5 floors above ground | ||
Bldg. D (tenant clubhouse): 2 floors above ground | ||
Schedule | Construction commencement: 2021 Winter | |
(Tentative) | Completion: 2023 | |
Partner | Breakthrough Properties | |
(JV formed by Tishman Speyer and Bellco Capital) | ||
■ Building Layout |
Bldg. C （Lab & Office） | ||
Bldg. B （Lab & Office） | ||
Approx. 133,000 ft2 （12,400 ㎡） | Approx. 218,400 ft2 （20,300 ㎡） | |
※Entirely pre-let | ||
Bldg. A （Lab & Office）
Bldg. D (tenant clubhouse）
Approx. 163,600 ft2 （15,200 ㎡）
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Mitsui Fudosan Co. Ltd. published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 02:38:01 UTC.
