Dart Interests Inks San Diego Full-Building Lease
- Apr 28, 2020
Dart Interests has found a new tenant for Scripps Northbridge Corporate Center, its 200,000-square-foot office and R&D property in San Diego. Fate Therapeutics has signed a 15-year, full-building lease at the campus, which is set to feature 40,000 square feet of manufacturing space. JLL assisted the owner, while Hughes Marino advised the tenant.
Located on 21 acres at 12278 Scripps Summit Drive, the three-story building was completed in 1999. In 2014, the then owner executed a $50 million capital improvement plan and remodeled the office asset into a life sciences property. Under the new contract, the company has committed to an additional $30 million investment for future property upgrades.
Fate Therapeutics intends to relocate its corporate headquarters at the center in May 2021, according to public filings. Additionally, lease terms include two five-year extension options. The new site is close to Interstate 15 and 12 miles from the tenant’s current San Diego location at 3535 General Atomics Court.
Hughes Marino Senior Vice President Craig Knox represented the tenant. The JLL team included Managing Directors Grant Schoneman, Chad Urie and Jay Alexander. Last year, Urie and Schoneman received the leasing assignment for TEN770, a 185,600-square-foot life sciences campus in San Diego. Following a $20 million remodel, the building was 60 percent preleased.