 |
| Lillian Roos |
SAN FRANCISCO, CA – JLL’s Capital
Markets group announced today that it arranged a $310 million construction loan
for the development of Avia Labs at Millbrae Station, a best-in-class
life sciences development totaling 315,000 square feet at the Bart and Caltrain
station in Millbrae, California.
The
project will be the first all-electric life sciences development in California.
 |
Adam Sichol
|
JLL worked on behalf of the borrower, Longfellow
Real Estate Partners, to secure the loan through Otera Capital, a leader in
commercial real estate debt.
“The Bay Area remains one of the crucial global
hubs for life science innovation within our international portfolio," said
Longfellow Co-Founder & CEO Adam Sichol
 |
Jordan Angel
|
"As
we continue to expand our presence in the region, we look forward to delivering
ground-up projects that are built to accommodate the robust requirements of our
tenants.
“Avia
Labs will not only provide top-quality lab and office space but reflect
Longfellow’s commitment to environmental sustainability across our portfolio.”
Longfellow broke ground on Avia Labs on March 1,
2023. The six-story, Class A building is targeting LEED Gold and Fitwel
certifications and emphasizes both energy efficiency and quality of life for
tenants.
The on-site amenity package includes a fitness
center, a public café open to the community, large conference spaces, bike
storage, two levels of underground parking and a large terrace with city and
mountain views.
 |
| Pat Aslanian |
The property is positioned on 2.1 acres at 210
Adrian Rd. in Millbrae, which is in the North County submarket of the
Mid-Peninsula.
The North County submarket is extremely undersupplied
with a vacancy rate of 1.8% as of 4Q 2022, positioning the project well for
lease-up.
In
addition, Avia Labs is directly adjacent to the Millbrae BART and CalTrain
station and in close proximity to the world-class research institutions at
Stanford, Berkeley and UCSF.
According to JLL’s 2022 Life Sciences Lab Real
Estate Outlook, emerging markets such as Millbrae are planting the
seeds for long-term opportunities for life sciences companies, investors and
developers.
 |
Avia Labs at Millbrae Station, California
|
The JLL Capital Markets Debt Advisory team
representing the borrower was led by Silicon Valley based Senior Managing
Director Jordan Angel, Director Lillian Roos and Analyst Pat
Aslanian.
“Millbrae is the only transit station in the
greater Bay Area where both BART and CalTrain come together in one station,
providing an incredible opportunity for tenants to have public transit options
to the East Bay, San Francisco, the Peninsula and Greater Silicon Valley, while
being in the epicenter of one of the top life sciences markets in the world,”
Angel added.
For more news, videos, and research resources on
JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc.
("JLL") is a real estate broker licensed with the California
Department of Real Estate, license
#01223413.
CONTACT:
Kristen Murphy
Director, Public Relations, Americas
JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
Kristen.Murphy@am.jll.com
jll.com
lfrep.com.
oteracapital.com.
