Tarlton Properties is proposing to develop another life science campus in Menlo Park, according to documents filed with the city. The project will be half a mile from another life science development where Tarlton has yet to break ground.
The project is at 105, 1135 and 1165 O’Brien Drive, as well as 1 Casey Court. It will total 131,285 square feet. There is currently a three-story warehouse and R&D buildings that would be demolished for construction. An approximately 2,760 square-foot café would be located on the ground level of the R&D building with an entrance off a proposed pedestrian plaza at the front of the site.
Tarlton is further along with its proposal for a 255,000-square-foot life science campus half a mile away at 1350 Adams Court. The 92-foot-tall building would be big enough to house 650 workers near the Dumbarton Bridge and Meta headquarters.
Tarlton owns and operates 2.8 million square feet of lab space across the Bay Area. Some of its properties include Hayward Labs, which totals 295,000 square feet; Peninsula Labs, at 250,000 square feet; and Portage Avenue in Palo Alto with 68,000 square feet.
Despite slowing down from its peak in 2021, the Bay Area life science market is still booming and forecasts point to it maintaining its strength moving forward, according to a report by Cushman & Wakefield.
“The region’s highly educated workforce, reinforced by its proximity to research institutions such as UC San Francisco, Stanford and Berkeley, has made the Bay Area one of the most elite and active clusters in the world,” the report said.
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Demand is outpacing supply at a 2:1 margin, which has sparked a construction boom to increase inventory. Developers have built 8.6 million square feet of life science space over the last six years with an additional 6.6 million square feet under construction and 13 million square feet in the planning stages.
There are 47 million square feet of lab space in the market at the moment, with an 11 percent vacancy rate, according to the report.