A real estate investment trust registered in Singapore CapitaLand Ascendas Reit(CLAR), formerly known as Ascendas Real Estate Investment Trust (Ascendas Wright), signed the full building rent the agreement with Crinetics Pharmaceuticals, Inc., for its new global headquarters at 6055 Lusk Boulevard, San Diego, USA.

According to the agreement, Art Wright to carry out the conversion to suit and convert the office property into a premier life sciences property at an estimated cost of US$40 million (approximately S$56.4 million).

Upon completion in the 4th quarter of 2023, the reconstructed two-story building with an area of ​​94,230 square meters. ft. will be a state-of-the-art, high-performance, LEED Gold-certified life science building that exceeds the broad requirements of today’s life science tenants.

The building will be equipped with new mechanical, electrical and plumbing (MEP) systems, roof, windows and interior. improvements, which include modern laboratories, office and vivarium premises. The energy-efficient building will feature solar panels and extensive indoor and outdoor amenities to improve employee well-being.

The hotel is located in Sorrento Mesa, one of the leading life sciences submarkets in the United States.

“Moving into the life sciences space will allow CLAR to attribute a higher level base rent with annual escalation of 3% and net property income exit pickup approximately 9% upon completion. Triple network rent obligation of 11.5 years, with an option To extend two additional five-year terms, Crinetics Pharmaceuticals will provide CLAR with a stable revenue stream,” the spokesperson said Wright in the statement.

William Tay, Chief Executive Officer and Chief Executive Officer of Manager, said: “We are delighted to announce our partnership with Crinetics Pharmaceuticals. This initiative will have long-term benefits for both our companies. We are confident that Crinetics’ new global headquarters at 6055 Lusk Boulevard will be a landmark in South Africa.rento Mesa Square, which features state-of-the-art office and lab space and is LEED Gold certified. This venture will strengthen and grow CapitaLand Ascendas REITtrack record in life sciences and creates even more opportunities for us. At the same time, our profitability will increase due to higher and more attractive properties exit approximately 9%.

Upon completion of the project in Q4 2023, the share of our life science properties is estimated to increase to S$1.3 billion, or approximately 8% of our assets under managementon a pro-formal basis.”

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