The project will be constructed in phases, with the completed project consisting of nine office/R & D buildings, a childcare facility, a fitness center, 8,000-sf. of restaurant/retail use, and two five-to seven-level parking garages.
The development would bring Slough's South San Francisco holdings to 2.7 million sf, including the fully leased Oyster Point research park. A recent 280,000-sf lease agreement there with health science company Tularik completed the pre-letting of Oyster Point.
Granted planning consent in November 2000 for 577,000-sf. in seven buildings, the first four buildings of Oyster Point -- leased to Raven Biotechnologies, EOS and Rigel -- are under construction and have occupancy dates between October 2002 and January 2003. The three buildings to be built for Tularik will have occupancy dates between May 2003 and November 2005.
Aggregate initial rents for Oyster Point will amount to $31 million and total development costs will amount to $235 million. All the leases are for 15 years with renewal options and benefit from annual increases in rent of 3% to 4%.
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