Sterling Bay and Harrison Street secured a $290 million refinancing package for the 525,000-square-foot Pacific Center life science campus in San Diego.
Sterling Bay and Harrison Street have obtained $290 million in refinancing for Pacific Center, a 525,000-square-foot, LEED Gold-certified life science campus in San Diego’s Sorrento Mesa submarket. The debt package, issued by Peregren Capital Group and brokered by Newmark, includes $162.5 million in future funding to support the property through lease-up. The campus, which came online in 2025, consists of two six-story buildings with floorplates between 36,000 and 55,000 square feet, along with an amenity center and parking structure.
The refinancing arrives as the San Diego life science market navigates a period of elevated vacancy, which hit a 20-year high of 26.6 percent in the first quarter of 2026. This trend followed a significant construction boom that added 2.4 million square feet of speculative inventory in 2025. Pacific Center previously utilized $265 million in construction debt from Bank OZK, which was later sold to Strategic Value Partners earlier this year.
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