Sterling Bay and co-development partner Harrison Street have closed on a $265-million construction loan from Bank OZK to develop Pacific Center, a $650-million life sciences campus in San Diego’s Sorrento Mesa submarket. The project will be developed in various phases over the next four years.
With financing secured, Sterling Bay and Harrison Street broke ground on the first phase of Pacific Center which will bring 500,000 rentable square feet of scientific research space, a 28,000-square foot amenity center and 1,700 parking spaces to San Diego’s leading innovation district.
Andy Gloor CEO of Sterling Bay commented: “Securing this loan for new construction during today’s economic climate is no small feat; it reflects our finance partners’ confidence in our unique approach to developing next generation lab space.” He added that “San Diego’s life sciences ecosystem is thriving with demand for modern highly amenitized research space at critical max”.
