Pfizer Signs Record-Breaking Life Sciences Deal in San Diego for 2024

Pfizer has secured the title for the most significant life sciences transaction in San Diego for the year 2024

In a landmark deal, the pharmaceutical and biotechnology titan has secured a 15-year lease for 230,000 square feet at a coastal complex nearing completion in San Diego. This transaction is the most substantial life sciences lease in San Diego for the year 2024, surpassing the largest lease from the previous year by more than double.

While the exact financial terms of the lease remain undisclosed, Bloomberg’s reports suggest an estimated value of approximately $290 million. Both the developers and Pfizer have chosen not to divulge further financial details.

The sprawling 10-acre Torrey View campus, encompassing 520,000 square feet, is nearing completion. This development is a collaborative effort by Breakthrough Properties, Mitsui Fudosan America, Investment Management Corporation of Ontario, and AP2.

Pfizer is once again enlarging its property portfolio, bolstering investor trust in lab spaces.

The pharmaceutical and biotechnology behemoth has inked a 15-year agreement for 230,000 square feet within the coastal Torrey View complex in San Diego. This deal stands as the city’s largest life sciences lease for the year and is over double the size of the previous year’s largest lease.

Bloomberg estimates the lease’s value to be approximately $290 million. However, the financial specifics of the lease have not been disclosed by either the developers or Pfizer.

The Torrey View campus, a joint venture between Tishman Speyer and Bellco Capital under the Breakthrough Properties banner, is now entirely pre-leased thanks to the Pfizer contract, which secures two R&D buildings. Becton, Dickinson and Company have claimed the majority of the remaining space. The campus also boasts a conference center capable of accommodating 400 individuals, a fitness center designed by Jay Wright, and a pickleball court.

Following a monumental $43 billion acquisition of Seagen last year, Pfizer’s oncology division has expanded, as reported by Bloomberg.

This San Diego commitment follows Pfizer’s lease signing for 151,065 square feet at the Hudson Valley iCampus in Rockland County, N.Y., valued at upwards of $16 million, which occurred roughly seven months prior.