Healthpeak Properties Receives Entitlements For An Additional 1.3M Square Feet Of Development At The Vantage Campus In South San Francisco
Portfolio Pulse from Benzinga Newsdesk
Healthpeak Properties, Inc. (NYSE:PEAK) has received entitlements to develop an additional 1.3 million square feet of lab space at the Vantage campus in South San Francisco, doubling the allowable density since the land acquisition. The campus will total approximately 1.7 million square feet upon completion. Phase I is underway with 52% already leased to Astellas Pharma. The development aligns with market demand and strengthens South San Francisco's biotech industry presence.
December 19, 2023 | 9:34 pm
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Healthpeak Properties has been granted entitlements to expand the Vantage campus, with Phase I construction in progress and 52% pre-leased. This expansion could attract more tenants and increase future revenue streams.
The entitlements allow Healthpeak to double the development density, which is a significant positive for the company's asset growth and potential revenue. The strategic location and pre-leasing of Phase I to Astellas Pharma indicate strong market demand and the company's successful development strategy. This news is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
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