Kilroy Realty Corporation has locked in another life sciences tenant for its Oyster Point project in South San Francisco.
San Diego-based drug developer Acadia Pharmaceuticals signed a lease for 16,000 square feet at Kilroy Oyster Point, the San Francisco Business Times reported. Kilroy’s deal with Acadia is one of several leases signed for the recently opened 865,000-square-foot second phase of the development. With the lease-up, Kilroy is on track to exceed its goal of leasing 100,000 square feet by the end of the year.
Acadia’s location in South San Francisco will complement its headquarters offices in San Diego and Princeton, New Jersey. The pharmaceutical maker plans to open its space at Oyster Point in April with 10 to 20 employees, though there’s enough room for 60 people.
South San Francisco is one of the nation’s top biotech and life sciences hubs, not far from top tech university Stanford, so the Peninsula city was a natural location choice for Acadia to plant its flag in the Bay Area.
“This strategic move enhances Acadia’s access to the region’s rich pool of talent and reflects our commitment to building a diverse and dynamic presence across key innovation hubs,” company spokesperson Deb Kazenelson told the Business Times.
It wouldn’t be the first time Acadia leases from Kilroy; the company is a tenant of Los Angeles-based Kilroy in San Diego.
Acadia Pharmaceuticals was founded in 1993 and boasts 650 employees worldwide, with offices in Toronto in Canada, Amsterdam in the Netherlands, and Basel and Zug in Switzerland. The company focuses on neurological disorders and rare diseases. Among its creations are the drug Nuplazid for Parkinson’s disease-related psychosis. Two years ago, it won approval from the Food and Drug Administration for Daybue, the first FDA-approved medication to treat people with Rett syndrome, a rare genetic brain disorder that continues to worsen eye and body movement and language.
In the face of federal funding cuts to research and other health-related pursuits, biotech companies have been forced to cut jobs and reconsider office and lab plans. Life sciences real estate developer IQHQ, for example, sought to delay construction of its $1.3 billion, 857,000-square-foot project in South San Francisco, while Harvest Properties hit pause on a planned research and development campus in Emeryville.
— Chris Malone Méndez
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