JLL Capital Markets led the sales efforts for the three-building, recently renovated MUSE property in Torrey Pines
News release
01 April 2025
San Diego trophy life sciences campus trades for $159.0M
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SAN DIEGO, Apr. 1, 2025 – JLL Capital Markets announced today that it has completed the $159.0 million sale of MUSE, a three-building trophy life sciences campus totaling 186,000 square feet in San Diego, California.
JLL represented the seller, Diversified Healthcare Trust, which is managed by The RMR Group, and procured the buyer, Breakthrough Properties. JLL also arranged post-closing financing for two buildings and will continue to handle leasing for the entire MUSE campus.
Substantially renovated between 2020 and 2022, MUSE is a state-of-the-art life sciences facility consisting of two fully leased wet lab buildings and one vacant office building. Overall, the property is 49% leased to Merck, Aegis Life, Organogenesis and Halloran. As part of the renovation, MUSE added tenant amenities, including a fitness center, full-service café and indoor / outdoor conference center.
The campus has a hillside location at 3030, 3040 and 3050 Science Park Rd. in the Torrey Pines submarket of San Diego. This submarket is part of the larger San Diego life sciences cluster, which is one of the top biotech hubs in the United States and is home to renowned research institutions, including the Salk Institute for Biological Studies, The Scripps Research Institute and the University of California, San Diego. Torrey Pines benefits from a highly skilled workforce, drawing from local universities and attracting talent from all over the world.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Director Kurt Luedkte and Associate Zac Saloff.
“Investor interest in the MUSE was significant,” said Luedkte. “This signifies to us that experienced life sciences investors are confident in the life sciences sector recovery, particularly in top markets like San Diego.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.