HCP, Inc. and CBRE Group, Inc. announced that HCP will break ground on the second phase of The Cove at Oyster Point (The Cove), its new life science development located in South San Francisco. The reception of the project in the marketplace has been exceptional and is validated by the successful leasing of half of the space currently under construction. The Cove has set an unparalleled standard of design that caters to life science companies seeking a vibrant workplace in which to innovate and collaborate.

When complete, the Cove will be a 1 million square foot, fully integrated, waterfront campus located on Oyster Point Boulevard in South San Francisco. The campus design consists of seven buildings ranging in size from 115,000 square feet to 182,000 square feet in both single- and multi-tenant building configurations. It will be a pre-certified LEED Silver project featuring 5.5 acres of outdoor green space and a 30,000 square foot amenity center which will open in the third quarter of 2016, including food service, fitness, meeting space, as well as retail and a future on-site hotel.

The first phase of the project, which commenced construction in February 2015, consists of two buildings totaling up to 250,000 square feet and will be completed in the third quarter of 2016. The second phase of the project will consist of an additional two buildings totaling up to 230,000 square feet, a four-story parking garage, and 20,000 square feet of retail and restaurant space to serve the project and surrounding community. Occupancy of the second phase is targeted for the third quarter of 2017.