SteelWave Plans $241M Life Science Campus in Berkeley
Project is first of three life sciences hubs branded as theLAB firm is building in the Bay Area.
San Mateo-based SteelWave is planning to build a $241M life science on site spanning two city blocks in West Berkeley.
The project envisions the renovation of three buildings on a 3-acre site on 5th Street, between Bancroft Way and Allston Way, transforming them into campus that will be known as theLAB.
The developer also is planning to build a five-story, 415-space parking garage next door theLab. Nine structures will be demolished or moved to make way for the project, including a 144-year home on Fifth Street.
According to a report in berkeleyside, SteelWave already has lined up two tenants, Bolt Threats and Conception Bio for theLab, which is scheduled to open in 2024.
SteelWave acquired the West Berkeley site in January 2021, also is planning to build two more theLAB campuses in Emeryville and Foster City.
The design for theLAB Berkeley includes exposed bow-truss ceilings and an expansive indoor-outdoor mezzanine overlooking San Francisco Bay. The facility also will include an amphitheater lab and a boutique gym.
SteelWave is converting the Sherwin building in Emeryville into theLAB Emeryville. The adaptive reuse of the building will include large-scale cosmetic renovations, structural upgrades, full building core replacement and new installation of mechanical, electrical and plumbing infrastructure.
The Emeryville campus also will feature a penthouse and “pass-through” pedestrian and bicycle access.
The Foster City development will be home to a three-story Class A building on a 2.2-acre site. The campus will feature a third-floor rooftop terrace that offers extensive views of the San Francisco Peninsula.
According to its website, SteelWave acquired more than 1.2M SF of historic buildings and land in The Bay Area in 2021.
The developer also is building a 14.5-acre mixed use project in South San Francisco. Known as the El Camino, the development will include a Class A life science campus as well as retail space.
A 64K SF Safeway store will be located at El Camino. A multifamily campus with up to 180 units is planned for an adjacent two-acre parcel.
Life sciences inventory in the Bay Area encompasses more than 34M SF, with more than 4M SF in the construction pipeline, according to a recent market report from Colliers.