Photo from CLAR

CapitaLand Ascendas REIT to transform San Diego office property into a life science building

The cost of the convert-to-suit exercise will be $56.4m.

CapitaLand Ascendas REIT (CLAR) will transform its office property in  Sorrento Mesa, San Diego, California to become the new global headquarters of Crinetics Pharmaceuticals, Inc.

The cost of the convert-to-suit exercise will be $56.4m. Under the lease agreement, CLAR will convert its property into a two-storey life sciences building outfitted with new mechanical, electrical and plumbing (MEP) systems, roof, windows and interior improvements, which include state-of-the-art laboratories, office and vivarium spaces.

The 94,230 sq ft property will also have solar panels and extensive indoor and outdoor spa-like amenities to improve employee well-being. CLAR plans to complete the conversion by Q423.

When completed, the conversion will enable CLAR to ascribe a higher base rent with an annual escalation of 3% and a net property income yield pick-up of approximately 9%.

CLAR added that the triple-net lease commitment of 11.5 years, with an option to extend two additional five-year terms, by Crinetics Pharmaceuticals will provide a stable income stream.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!