Nuveen Real Estate diversifies office platform with investment in life science center in San Diego, CA
The investment is ideally located in the University Town Center submarket’s Greater Campus Pointe area with convenient access to major freeways, Interstate 5 and 805. These buildings will be strategically redeveloped into an amenity-rich, Class-A life science office project.
“This acquisition provides the opportunity to further diversify Nuveen Real Estate’s office portfolio and invest into a life science office campus that caters to tenants in the life science industry. Given the aging global population and the increased demand for healthcare, the life-sciences industry will continue to expand, increasing demand for customized lab and office space, especially in San Diego, one of the top life science markets in the country,” said Derreck Barker, Director of Office Acquisitions at Nuveen Real Estate.
The joint venture is planning a host of upgrades and new investments as part of a broader repositioning of the campus. Future developments include renovated buildings, common area amenities, and complementary retail space.
Nuveen Real Estate currently owns over 2.5mn sq ft of life science space throughout the U.S. Its holdings in the San Diego market include 4110 Campus Point Court, which it invested in December of 2017.
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