Monday, July 26, 2021

San Diego Tops $50/foot - DermTech Leases 76,000 Square Feet from Kilroy in La Jolla

 By David Gross

Melanoma test maker DermTech recently signed a lease for 76,000 feet at Kilroy's Del Mar Corporate Centre II development in San Diego, in a building constructed in 2002.  Located north of Torrey Pines along I-5, this area is in the upper reaches for life sciences companies and will include 30,000 feet of conversion from office to lab use.

Base rent begins at $51 per square foot for the four phase lease, rising to over $80 per square foot over the 10 1/2 year lease term.  Rents in this area have been hanging around the 40s, so a deal above $50 is notable for the very hot La Jolla/Torrey Pines market.  It's also higher than sublease rents around Mission Bay in San Francisco.

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