Tanforan mall could become a giant biotech campus after $328 million sale

The company envisions a “mega campus” according to a regulatory filing last month, with the goal of attracting biotech and tech tenants.

The biotech sector is booming in the Bay Area and across the world, as the pandemic and a reliance on in-person lab work has led to strong demand for real estate. In contrast, malls and retailers are struggling amid the online shopping shift and health order shutdowns over the last two years.

The city of San Bruno expects 1,000 homes to be built on the site along with office space, but no formal proposal has been submitted.

Pasadena-based Alexandria reported 9.5 million square feet of leasing last year, including the new headquarters for COVID-19 vaccine maker Moderna in Cambridge, Mass. Total rent revenue from last year will top $6 billion, the company said.

Alexandria also owns major projects in San Francisco’s Mission Bay and South San Francisco, including a partial stake in the Uber headquarters.

Roland Li is a San Francisco Chronicle staff writer. Email: roland.li@sfchronicle.com Twitter: @rolandlisf

Article source: https://www.sfchronicle.com/sf/article/Tanforan-mall-could-become-a-giant-biotech-campus-16911565.php

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