Trammell Crow Company has secured a significant equity commitment of $141.5 million for their upcoming research and development campus in South San Francisco, as reported by the San Francisco Business Times. Despite investors pulling back from new life science projects, TCC was able to secure this win without having a tenant lined up yet.
The investment was approved by the Alaska Permanent Fund Corp., which is funded by oil and gas reserves, during their fourth quarter meeting in 2023. The project will be located at 120 E. Grand Ave., with city approval already obtained last May.
According to documents released during a board meeting on February 15th, TCC spent nearly $80 million last year acquiring the four parcels that make up the approximately 3.5-acre site at 120 E.Grand Ave.The Business Times confirmed APFC’s commitment to this project on Monday.
This major financial backing from APFC marks an important milestone for TCC’s R&D campus development in South San Francisco.
