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Revolution Medicines nears deal for 700,000 SF lease in Redwood City
The proposed lease would roughly double the company’s current biotech presence on the San Francisco Peninsula, as it moves toward an FDA review milestone for an oral cancer drug.
Bisnow reports that Revolution Medicines is in the process of inking a lease for 700,000 square feet of life sciences space at Pacific Shores Center in Redwood City, a plan that would roughly double its biotech footprint on the San Francisco Peninsula. The company, which is developing and delivering medicines for cancer mutations, is expanding as it prepares for the commercial launch of a new oral drug. According to the report, the FDA accepted the drug for review in July.
Revolution Medicines is a newer tenant at the 106-acre Pacific Shores Center, where Google sold three buildings at 1100, 1200, and 1300 Seaport Boulevard to an affiliate of Farallon Capital Management, and was also in an agreement to divest additional buildings to Harvest Properties. The expansion comes as the Bay Area life sciences market struggles with excess space. CBRE data cited by Bisnow shows overall life sciences building vacancy at 31% in the second quarter, with central Peninsula vacancy topping 40%, and more than 7.2 million square feet of life sciences property reported as dark after tenants gave back 641,000 square feet in the first two quarters of the year.