San Diego office property to be converted into life sciences property

CapitaLand Ascendas REIT Management has signed a full-building lease agreement with Crinetics Pharmaceuticals, Inc., for its new global headquarters at 6055 Lusk Blvd. in San Diego.

CapitaLand Ascendas REIT Management was formerly known as Ascendas Funds Management, the manager of CapitaLand Ascendas REIT (CLAR), which was formerly known as Ascendas Real Estate Investment Trust (Ascendas REIT),

Under the agreement, CLAR will undertake a convert-to-suit exercise and transform the office property into a premier life sciences property at an estimated cost of $40 million.

When completed in fourth quarter 2023, the redeveloped two-story, 94,230-square-foot property will be a high-performance and LEED Gold-certified life sciences building that exceeds the requirements of today’s life science tenants.  The building will be outfitted with new mechanical, electrical and plumbing (MEP) systems, roof, windows and interior improvements, which include state-of-the-art lab