By David Gross
In a lease signed a few months ago, cell therapy developer Iovance Biotherapeutics committed to nearly 50,000 square feet over 10 years at Alexandria's District project in San Carlos, CA, just south of the San Mateo Bridge, with an initial base rent of $67.20 per square foot. This is nearly $10 lower than Nkarta's recent deal with Healthpeak Properties in South San Francisco.
With South San Francisco filling up, Alexandria is luring tenants south to the Mid-Peninsula in what it refers to as the "Stanford" submarket, and is in the process of putting over a half million square feet of lab and office into the San Carlos Project. Immunology developer Allakos Therapeutics signed onto the project right before COVID in late 2019, taking nearly 100,000 square feet at $69 per foot, with a $150 per foot Tenant Improvement Allowance. As part of this expansion, Alexandria is also developing another half million square feet on Fabian Way and Hillcrest Avenue in Palo Alto, which are in fact close to the Stanford campus.