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Completely redeveloped Class A Life Sciences campus 85% leased and first to go live at Torrey Pines in two years
SAN DIEGO – (BUSINESS WIRE) –
The RMR group (Nasdaq: RMR) announced the completion of Muse at Torrey Pines (Muse), a redeveloped 186,000 square foot flexible and collaborative life sciences property. As a new Class A life science project at Torrey Pines, this three-building campus located at 3030, 3040 and 3050 Science Park Road dramatically expands rental opportunities in the burgeoning research and science market. life of the region.
Muse is currently 85% leased, which is a milestone for the project and a testament to the demand for life sciences and office space in the San Diego area. Notable tenants include:
- Surgalign Spine Technologies, a global medical technology company focused on raising the standard of care by driving the evolution of digital surgery, which signed a 94,500 square foot lease, occupying all of 3030 Science Park;
- Organogenesis Inc., a leading regenerative medicine company, which signed a 23,000 square foot lease in 3040 Science Park; and
- Aegis Life, a next-generation biotech company, which signed a 9,600 square foot lease in 3040 Science Park.
Additionally, a local farm-fresh restaurant concept inspired by the Urban Kitchen group will be located in the restaurant space, offering a variety of seasonal food pairings for tenants and the general public.
Muse responds to a growing need for research and laboratory space in San Diego, which has become one of the nation’s leading life science hubs. The campus helps meet the unique demands of tenants in the area with an abundance of outdoor space and walking trails that create more connectivity and engagement with the outdoors, a concept of locally sourced food, a space for meeting and event with optional indoor and outdoor seating, on-site fitness facility and plentiful storage of bikes and surfboards.
The Muse campus also features spectacular landscaping and outdoor gathering areas, outdoor games and electric vehicle charging stations, as well as four art installations with sculptures and murals by three Californian artists. The revamped property offers a dominant street presence and glass walls that provide natural light and views of San Diego County. Muse is conveniently located just minutes from Interstate 5 and Interstate 8, providing convenient access to nearby communities.
Chris Bilotto, Senior Vice President of RMR, provided the following statement:
“We are proud to celebrate the completion of this state-of-the-art campus which brings more life sciences space to Torrey Pines. Working with RMR Group’s team of local experts, we have redesigned this property to meet the needs of today’s most innovative life science companies. Our first tenants are developing some of today’s most crucial therapies and we are honored to create a space for them.
Grant Schoneman, general manager of JLL in San Diego, made the following statement:
“San Diego continues to be one of the most active markets in the United States for the expansion of life science companies. The combination of a vibrant and entrepreneurial biotech community, a large pool of scientific minded talent, and one of the nation’s top research universities (UC San Diego) makes San Diego a very attractive place for business. life sciences.
The property belongs to Diversified Healthcare Trust (Nasdaq: DHC) and managed by RMR. RMR provides nationwide property management services for nearly 1,300 properties with approximately 91 million square feet of office, industrial, medical, life science and retail space. RMR exclusively provides property management services to its clients and does not offer stand-alone property management services to third parties.
Grant Schoneman and Chad Urie of JLL are leading the rental efforts for Muse in Torrey Pines. Surgalign Spine Technologies was represented by Michael Labelle and Bridget Garwitz from Savills. Organogenesis Inc. was represented by Glenn Friedrich from Cresa. Aegis Life was represented by Shane Poppen of Hughes Marino. For more information, please visit musecampus.com.
About RMR Group Inc.
The RMR Group Inc. (Nasdaq: RMR) is a holding company and substantially all of its business is carried out by its majority-owned subsidiary, The RMR Group LLC, or RMR. RMR is a leading American alternative asset management company unique in its focus on commercial real estate (CRE) and related activities. RMR’s vertical integration is supported by its more than 600 real estate professionals in more than 30 offices across the country, who manage approximately $ 32 billion in assets under management and draw on 35 years of experience. institutional in the purchase, sale, financing and operation of CRE. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit www.rmrgroup.com.
About Diversified Healthcare Trust
Diversified Healthcare Trust (Nasdaq: DHC) is a real estate investment trust (REIT) focused on the ownership of high quality healthcare properties located in the United States. DHC seeks to diversify the spectrum of health services: by delivery of care and type of practice, by scientific research disciplines, and by type of ownership and location. As of March 31, 2021, DHC’s $ 8.2 billion portfolio included 396 properties in 36 states and Washington, DC, occupied by more than 600 tenants, and totaling approximately 11.2 million square feet of science office properties. and medical and over 29,000 residential units for the elderly. . DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company headquartered in Newton, MA. To learn more about DHC, visit www.dhcreit.com.
JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces and sustainable real estate solutions for our clients, employees and communities. JLL is a Fortune 500 company with annual revenue of $ 16.6 billion in 2020, operations in over 80 countries, and a global workforce of over 91,000 people as of December 31, 2020. JLL is the brand and a registered trademark of Jones Lang LaSalle Incorporé. For more information visit jll.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR’s current beliefs and expectations, but such statements and the implications of such statements are not guaranteed to occur and may not occur for a variety of reasons, some of which are beyond the control of RMR. For example:
• The press release addresses the demand for life sciences and office space in the San Diego area. However, the performance of the life sciences industry and tenant demand is not guaranteed and could be adversely affected by market and economic factors.
• The press release says Muse is responding to a growing need for research and laboratory space in San Diego. There can be no assurance that an alternate lab or related space will not be available or that the current or anticipated demand for lab space in the Torrey Pines area will be maintained or realized, which could affect the demand for lab space. and office.
For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Except as required by law, RMR does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Senior Director, Marketing and Corporate Communications
Source: The RMR Group