A high-profile, one-million-square-foot development along Highway 101 in South San Francisco has landed two up-and-coming biotech companies, Five Prime Therapeutics, Inc., and Global Blood Therapeutics, Inc., that, together, will take roughly a fifth of the project. Located at the epicenter of the life science and technology industries, The Cove at Oyster Point is an 875,000-square-foot, life science/tech campus featuring 20,000 square feet of on-site retail, a planned upscale hotel, green space, bay-front walking trails, an outdoor amphitheater, and other amenities. The campus consists of seven buildings ranging in size from just over 115,000 to 182,000 sq. ft., and can accommodate users from 30,000 sq. ft. to 847,000 sq. ft.
In December 2016, Five Prime Therapeutics Inc. (NASDAQ: FPRX) signed a lease for 115,466 square feet of the HCP Inc.-developed campus. The lease is for an initial five years, with a one-time option to extend it for an additional five years. Prices start at about $60 per square foot, and ramp up over a decade to more than $80.
Five Prime Therapeutics is a leader in the discovery and development of innovative protein therapeutics. It library of more than 5,700 human extracellular proteins substantially represents all of the body’s medically important targets for protein therapeutics. The clinical-stage biopharmaceutical company was founded in 2001, by Lewis T. “Rusty” Williams, M.D., Ph.D., who serves as its President and Chief Executive Officer. The company will fully occupy a proposed four-story, 115,466-square-foot office and laboratory facility at 111 Oyster Point Drive, and is expected to take occupancy upon the building’s completion in the fourth quarter of 2017.
On March 17, 2017, Global Blood Therapeutics, Inc. (NASDAQ:GBT) entered into a lease with HCP Oyster Point III LLC, for approximately 67,185 square feet of space in a building located at 171 Oyster Point Boulevard. The term of the lease will commence on the later of December 15, 2017, or the date that the premises are ready for occupancy, and will expire on the day prior to the tenth anniversary of the commencement. The Company has an option right to extend the lease term for a period of ten years.
Global Blood Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in discovering, developing, and commercializing therapeutics to treat blood-based disorders. It is developing its initial product candidate, GBT440, as an oral, once-daily therapy for sickle cell disease (SCD) and is evaluating GBT440 in SCD subjects in an ongoing Phase I/II clinical trial. SCD is a genetic disease marked by red blood cell destruction and occluded blood flow and hypoxia, leading to anemia, stroke, multi-organ failure, severe pain crises, and shortened patient life span.