Illumina building in red brick

San Diego, California | Niche | August 2019


A partial interest in a world-class life sciences facility.

Illumina headquarters

View of the pool next to the Illumina building

About the buildings

Located in the heart of the coastal infill submarket of University Town Center in San Diego, California, the Class A property consists of almost 800,000 square feet spread across six state-of-the-art office, lab and accessory buildings on 44 acres. The property is 100% occupied by Illumina and is under a long-term lease agreement serving as their world headquarters. 

Investment rationale

The life sciences segment of the real estate market has been expanding in the US for over 20 years, and the COVID-19 pandemic has accelerated private and public funding in the life sciences, thus boosting real estate demand.  

Aging populations, rising healthcare spending and technology advancements have all led to growing demand from life sciences tenants, and these specialized properties support their research and production needs. This makes properly configured life sciences real estate different from other property types, including traditional offices.  

The acquisition of a partial interest in the Illumina world headquarters is part of a larger strategy by the LaSalle Property Fund’s Investment Management team to increase the fund’s exposure to the life sciences sector. When compared to traditional offices, life sciences real estate cash flows are more stable and have a better demand outlook. In addition to higher long-term net operating income growth, the sector has lower ongoing landlord capital expenditure needs, as most investment is reusable and there are high retention rates for tenants. 

Future plans

As part of the transaction agreement, the LaSalle Property Fund will participate with other campus co-owners to invest in potential future projects that will expand and densify undeveloped land located on the campus site. 

Modern building with light illumination upstairs

Illumina is part of the LaSalle Property Fund portfolio

Explore the LaSalle Property Fund portfolio

The estate of three-story blocks Residential

Legacy at Highlands Ranch

A high-quality, garden-style apartment community in suburban Denver

San Jose Market center Retail

San Jose Marketcenter

A purpose-built retail center in a highly sought-after retail area.

Modern building with light illumination upstairs Niche

Memorial Hermann Medical Plaza

A 28-story medical office building in the world’s largest healthcare complex.

Metro Self Storage banner with the building in the background Niche

Self-storage portfolio

Self-storage facilities in areas of high demand

No results found

Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.

Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.