Life Sciences 2020: The Future is Here

TOP VC-FUNDED COMPANIES (2019)

COMPANY

ROUND MONEY RAISED LEAD INVESTORS

Vir (Biotechnology)

2 4

$327.6M $160.0M $85.0M $76.0M $62.0M $40.0M $35.0M $34.5M $30.3M $25.4M

Freenome

Polaris Partners, RA Capital Management

Arsenal Biosciences Concentric Analgesics Satsuma Pharmaceuticals

1

2 2 7 4 5 3 3

Oracle Investment Management

Wellington Management

Notable Labs

B Capital Group, Lifeforce Capital

Pendulum Therapeutics

Sequoia Capital Menlo Ventures

Benchling

Blackthorn Therapeutics

Miroculus

INVENTORY/GROWTH PROJECTION

RENT VS. VACANCY COMPARISON

21 22 23 24 25 26 27 28 29

28.2

$90.00

20.0%

Asking Rents

Vacancy Rate

$80.00

16.0%

25.7

Vacancy Rate

$70.00

12.0%

24.0

$60.00

8.0%

MSF

$50.00

4.0%

21.8

$40.00

0.0%

Average Asking Rent $/sf

2019

2020

2021

2022

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Cushman & Wakefield Research

Source: Cushman & Wakefield Research

SUBMARKET STATS

AVG. ASKING RENT (NNN)

INVENTORY (SF)

VACANCY

North SM County Central SM County South SM County North SC County

$60.24 $50.40 $56.64 $68.76

11,155,272 4,099,159 3,725,905 2,869,477

6.3% 7.7% 5.6% 14.0%

NOTABLE LEASE TRANSACTIONS (2019)

TENANT

SF

LANDLORD

ADDRESS

SUBMARKET

LEASE TYPE

Cytokinetics

234,892 Kilroy

Oyster Point Phase 1

North SM County (South San Francisco) Pre-Lease

Lyell Immunopharma

105,000 Alexandria (ARE)

201 Haskins Way

North SM County (South San Francisco) Pre-Lease

Atreca

99,557 Alexandria (ARE)

835 Industrial Road

South SM County (San Carlos )

Pre-Lease

ChemoCentryx

96,463 Alexandria (ARE)

835 Industrial Road

South SM County (San Carlos)

Pre-Lease

Amgen

240,000 Biomed Realty Trust 750 Gateway Boulevard North SM County (South San Francisco) Pre-Lease

NOTABLE SALE TRANSACTIONS (2018-2019)

ADDRESS SUBMARKET

SF

BUYER SELLER PRICE CAP TENANTS

Bayshore Tech Park

South SM County (Redwood City)

995,757 Longfellow Prudential

$323.4M 5.2% Conversion to Life Sciences – Portfolio Sale

500 Forbes Boulevard 3160 Porter Drive

North SM County (South San Francisco)

155,685 Clarion (90%) 92,147 Alexandria (ARE)

Alexandria (ARE)

$155.0M 4.0% Genentech

North SC County (Palo Alto)

Stanford $26.0M N/A Bought for redevelopment; Will be home to Alexandria LaunchLabs; Ground Lease Westport $77.0M 4.4% Sangamo Therapeutics

7000 Marina Boulevard

North SM County (Brisbane) 90,000 Morgan Stanley

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Contributor: Robert Sammons, robert.sammons@cushwake.com; Jason Karbelk, jason.karbelk@cushwake.com