News release

$165M refinancing arranged for San Diego life sciences campus

JLL Capital Markets led financing efforts for Genesis Science Center, a four-building life sciences campus in the Sorrento Mesa submarket

July 29, 2022

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

SAN DIEGO – July 29, 2022 – JLL Capital Markets announced today that it has arranged a $165 million refinancing for Genesis Science Center, a four-building, life sciences R&D campus totaling 252,000 square feet in San Diego, California.

JLL worked on behalf of Phase 3 Real Estate Partners, Inc. and Bain Capital Real Estate to secure the three-year loan through a national bank.

Genesis Science Center is positioned on 13 acres at 5510, 5550, 5580 and 5590 Morehouse Dr. in the heart of the Sorrento Mesa biotech cluster. The fully leased campus is home to a variety of emerging and established life sciences and biotech firms and offers tenants a full amenity package, including an expansive outdoor eatery, fitness center and a conference center that can accommodate 100-plus people.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tim Wright, Managing Director Todd Sugimoto and Associate Daniel Pinkus.

“San Diego continues to cement itself as a top three life sciences market in the U.S. with Sorrento Mesa as the leading local submarket,” Wright said. “We were pleased to assist Phase 3 and Bain to secure long-term financing for another one of their exciting projects.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Genesis

Genesis is a life science real estate brand that leverages the deep experience and global breadth of its owners’ partnership to create an environment focused on meeting the needs of its tenants to accelerate their ground-breaking discovery. Genesis’ owners unique integrated venture combines Phase 3 Real Estate Partner’s decades of life science real estate development and tenant experience with Bain Capital’s pioneering value-add investment approach and the firm’s decades of leading experience in the Healthcare and Life Science industry  At Genesis, we relentlessly pursue not only to provide the right environment today but through our deep industry partnerships and participation provide the best environment for cultivating tomorrow’s undiscovered advances in science. 

About Phase 3

Phase 3 Real Estate Partners, Inc., (“Phase 3”) develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3’s focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm’s expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team.  Phase 3’s current portfolio consists of nearly 4.5 million square feet and is growing in San Diego, San Francisco and Boston.

About Bain Capital Real Estate

Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $6.8 billion of equity in more than 550 assets across multiple sectors, including more than $1.7 billion in over 6.8 million SF of life sciences assets. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.