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DivcoWest snaps up life science property in San Diego’s Torrey Pines research cluster
DivcoWest, a vertically integrated real estate investment firm headquartered in San Francisco, has expanded its San Diego portfolio with a life science acquisition in the heart of the Torrey Pines research cluster. An affiliate of Alexandria Real Estate Equities sold the property for an undisclosed amount.
Torrey Pines is consistently viewed as one of the top life science submarkets in the country and has the highest average asking rents and lowest direct vacancy in San Diego. The acquisition represents the first in Torrey Pines by a private real estate investor since 2000 and is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user.
The class-A life science building is fully leased to the California Institute of Biomedical Research (Calibr), which has occupied the 11119 N. Torrey Pines Rd. property since 2012. Calibr focuses on drug discovery and development for a wide range of human diseases, including cancer.