A joint venture led by Sterling Bay has completed a $290 million refinancing of Pacific Center, a newly constructed Class A life sciences campus in the Sorrento Mesa area of San Diego. Newmark arranged the debt package, which includes a significant future funding component designed to support lease-up and operational stability at the property.
According to Newmark, the refinancing provides $162.5 million in future funding. Those funds are earmarked to supply leasing and carry reserves, giving the ownership group additional capacity to backfill and grow occupancy at the campus over time. The structure is intended to align with the building’s current leasing trajectory and anticipated demand from a range of life sciences users.
The Newmark team representing the joint venture between Sterling Bay and an institutional partner was led by Jonathan Firestone, co-president of Global Debt & Structured Finance, along with vice chairman Blake Thompson and director Jack Condon. The refinancing was provided by Peregren Capital Group, which served as the lender on the transaction.
In a statement on the transaction, Firestone noted that the refinancing reflects lender confidence in high-quality life sciences assets backed by institutional sponsorship. He highlighted Pacific Center’s scale and central Sorrento Mesa location as factors that position the property to serve leading innovation-focused tenants over a long-term horizon.
Pacific Center was delivered in 2025 and totals approximately 525,000 square feet. The campus was designed to accommodate a spectrum of tenant needs within the life sciences sector, ranging from early-stage research and development operations to more mature, scaled uses. This flexibility is intended to appeal to a diverse mix of users within the region’s life science ecosystem.
The refinancing supports a large, recently completed life sciences development in one of San Diego’s established innovation hubs. With future funding specifically dedicated to leasing and carry reserves, the capital stack is structured to help the ownership group navigate the lease-up period while maintaining the campus as a competitive option for life sciences occupiers seeking modern, purpose-built space.
