Developers Get Full Go-Ahead for 88 Bluxome
The proposed 1.07 million-rentable-square-foot mixed-use development project at 88 Bluxome St. is the first within the Central SoMa Plan to be fully approved and receive its full Prop M allocation.
SAN FRANCISCO—Alexandria Real Estate Equities Inc., an urban office REIT and owner, operator and developer focused on collaborative life science, technology and agtech campuses in innovation cluster locations, and TMG Partners, a mixed-use Bay Area property developer, received full project approval from the San Francisco Planning Commission on the proposed 1.07 million-rentable-square-foot mixed-use development project at 88 Bluxome St. in Central SoMa. The future development project is the first within the Central SoMa Plan to be fully approved and receive its full Prop M allocation.
Anchored by Pinterest Inc. and the Bay Club, 88 Bluxome St. is nearly 60% pre-leased, and Alexandria is experiencing strong demand for the tech office and laboratory project. Construction is expected to commence in 2020 and initial delivery is expected in 2022.