Business
Newmark : and Sterling Bay Announce Pacific Center in San Diego Attracts $290 Million Refinancing Investment
Newmark : and Sterling Bay Announce Pacific Center in San Diego Attracts $290 Million Refinancing
About this update from Newmark Group, Inc.
[{"type":"text","content":"\n May 28, 2026 9:00 AM\n Newmark and Sterling Bay announce the $290 million refinancing of Pacific Center, a newly built, Class A life sciences campus in San Diego's Sorrento Mesa. The refinancing includes $162.5 million of future funding, providing substantial leasing and carry reserves to support continued occupancy growth.\n \n Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Jack Condon represented the sponsor, a joint venture between Sterling Bay and an institutional partner. The financing was provided by Peregren Capital Group.\n \n \"This refinancing underscores lender confidence in best-in-class life science assets and high-quality institutional sponsorship,\" said Firestone. \"Pacific Center's scale and central Sorrento Mesa location position it as a flagship campus capable of supporting the region's leading innovators over the long term.\"\n \n Delivered in 2025, Pacific Center comprises approximately 525,000 square feet across a purpose-built, next-generation laboratory campus featuring an all-electric, LEED Gold-certified design with flexible 36,000- to 55,000-square-foot floorplates and up to 18-foot floor-to-floor heights. The project is designed to accommodate a range of tenant requirements, from early-stage R&D to scaled operational uses. The campus offers a curated amenity suite and a prime Sorrento Mesa location near UC San Diego, The Scripps Research Institute and the Salk Institute, major transportation corridors and the Sorrento Valley Coaster Station, as well as Westfield UTC.\n \n \"By blending hospitality-focused amenities and industry-leading functionality, Pacific Center stands out in the West Coast life sciences market,\" said Andy Gloor, CEO of Sterling Bay. \"This investment reinforces the confidence in long-term demand for the differentiated Class A assets that are Sterling Bay's signature. We see significant opportunity in Pacific Center and look forward to the continued evolution of this workplace destination alongside our partner and Peregren.\"\n \n According to Newmark Research, strengthening venture capital flows into San Diego's biotechnology sector are beginning to translate into renewed leasing activity, with recently funded tenants prioritizing high-quality, move-in-ready lab space in core submarkets such as Sor...