Tarlton Properties is proposing to develop another life sciences campus in Menlo Park, according to documents filed with the city. The project is half a mile (800 meters) from another life sciences development Tarleton has yet to break ground on.
The project is located at 105, 1135, 1165 O’Brien Drive, and 1 Casey Court. It will total 131,285 square feet. It currently has a three-story warehouse and research and development building that will be demolished for construction. The approximately 2,760-square-foot café is located on his first floor in the R&D building, with an entrance in the proposed pedestrian plaza in front of the site.
Tarleton In addition, it proposes a 255,000 square foot life sciences campus at 1350 Adams Court, half a mile away. The 92-foot tall building is large enough to accommodate 650 workers near the Dumbarton Bridge and Meta Headquarters.
Tarlton owns and operates 2.8 million square feet of lab space throughout the Bay Area. Some of its properties include Hayward Labs, which totals 295,000 square feet. Peninsula Lab, 250,000 sq ft. 68,000 square feet of Palo Alto’s Portage Avenue.
According to a Cushman & Wakefield report, the Bay Area life sciences market has slowed from its peak in 2021, but remains booming and is expected to remain strong going forward.
“The region’s highly educated workforce, enhanced by its proximity to research institutions such as the University of California, San Francisco, Stanford University, and Berkeley, makes the Bay Area one of the most elite and dynamic clusters in the world.” said the report.
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Demand is outstripping supply by a margin of 2:1, sparking a construction boom to stock up. The developer has built 8.6 million square feet of life sciences space over the past six years, with an additional 6.6 million square feet under construction and 13 million square feet in the planning stages.
According to the report, there are currently 47 million square feet of lab space in the market, with a vacancy rate of 11%.
