Life Science: Great Promise & Rapid Growth

TOP VC-FUNDED COMPANIES (2018)

COMPANY

ROUND

MONEY RAISED

LEAD INVESTORS

Samumed

Series A

$438M

Starling Group, Vickers Ventures

Gossamer Bio

Series B

$230M

Polaris, Arch, Omega, Hillhouse

Rakuten Aspyrian

Series C

$150M

Rakuten

Gossamer Bio

Series A

$100M

Arch, Omega

IDEAYA Biosciences

Series B

$94M

6 Dimensions Capital, Biotechnology Value Fund, Nextech Invest, Perceptive Advisors

TP Therapeutics

Mezzanine

$80M

Foresite Capital, venBio Partners

Viacyte

Series D

$80M

Bain Capital Life Sciences

Cibus

Series C

$70M

Fidelity

Metacrine

Series C

$65M

venBio, Venrock, Polaris, NEA, Vivo

Source: PitchBook, Crunchbase

SUBMARKET STATS

AVG.ASKING RENT (NNN)

OVERALL INVENTORY (SF)

OVERALLVACANCY

Torrey Pines

$48.00-$54.00

5,845,283

15.6%

UTC

$48.00-$54.00

4,022,175

9.3%

Sorrento Mesa

$39.00-$46.20

4,997,491

11.7%

Sorrento Valley

$36.00-$42.00

1,596,352

11.3%

North County

$27.00-$33.00

1,699,243

1.1%

Other

N/A

754,967

4.6%

Total SD County

$34.20-$54.00

18,915,511

11.1%

NOTABLE LEASE TRANSACTIONS (2018)

TENANT

SF

LANDLORD

ADDRESS

SUBMARKET

LEASE TYPE

TriLink Biotechnologies

100,000

Bollert Lebeau

10770 Wateridge Cir

Sorrento Mesa

New

BD

78,000

HCP

11077 N Torrey Pines Rd

Torrey Pines

Renewal

Genopis

69,000

City Office REIT 10390 Pacific Center Ct

Sorrento Mesa

New

Samumed

74,000

Biomed Realty

9360 Town Centre Dr

UTC

New

Sorrento Therapeutics

61,000

HCP

4939 Directors Pl

Sorrento Mesa

Expansion

Cibus

53,000

HCP

6455-6465 Nancy Ridge Dr

Sorrento Mesa

Renewal

NOTABLE SALE TRANSACTIONS (2017 - 2018) ADDRESS SUBMARKET SF BUYER SELLER

PRICE CAP

TENANTS

9965/75/85/95 Summers Ridge Rd.

Sorrento Mesa Sorrento Mesa

247,000 Alexandria Real Estate

Quidel Corporation

$148.7M 8.2%

Abbott

Proforma

10770 Wateridge Cir.

181,000 Bollert Lebeau

John Hancock Life Insurance

$28.8M

N/A

None at time of sale. Subsequently leased to TriLink

10222 Barnes Canyon Rd.

Sorrento Mesa

82,000 TIAA-CREF Boller Lebeau $43.2M 6.50% Bollert Lebeau repositioned building to lab prior to selling. Invivoscribe is tenant.

6325 Lusk Blvd.

Sorrento Mesa

50,000 Bollert Lebeau

Bixby

$9.0M N/A

None at time of sale

Contributor: Alexa Kruthers, alexa.kruthers@cushwake.com; Jolanta Campion, jolanta.campion@cushwake.com; Jack Hughson (jack.hughson@cushwake.com) and Alex Tsurdinis (alex.tsurdinis@cushwake.com)

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