Boston-based national developer of purpose-built lab and life science space to invest in key upgrades; acquisition expands existing holdings in San Diego
King Street Properties announced today acquisition of the Esplanade, a 241,963 square foot, multi-building life science campus in San Diego’s popular University City / University Towne Centre (UTC) submarket. The transaction for three of the buildings including 4755 Nexus Center Dr., 4757 Nexus Center Dr., and 4796 Executive Dr., closed December 30, 2024; the transaction agreement also includes sale of a fourth building which is slated to close in December 2025. The purchase price, seller and terms were undisclosed.
King Street is planning campus wide improvements including the addition of common amenities, the upgrade of existing lab infrastructure and an expansion of available lab space. The new common area amenities will include a conference center, a fitness center and upgrades to outdoor gathering spaces with enhanced landscaping improvements.
King Street is a national firm with more than 20 years of experience specializing in life sciences properties in America’s core life science clusters including Boston/Cambridge, New York City, Raleigh/Durham, San Diego and the San Francisco Peninsula.
“We’re thrilled to announce the acquisition of the Esplanade campus, which adds to our growing portfolio in the San Diego market, enabling us to expand our offerings and meet the needs of tenants of all sizes,” said Sonia Taneja, managing director overseeing the west coast for King Street. “King Street is focused on providing best-in-class real estate opportunities to life science companies and we look forward to helping more firms with their lab and office needs in San Diego.”