Alexandria plans 351,164 SF life science campus

What's happening

Alexandria Real Estate Equities plans to replace about 170,000 square feet of vacant buildings at 1100 Rancho Conejo Boulevard with a four-building life science campus of 351,164 square feet. The site formerly housed Amgen operations, which left in 2017. Alexandria bought the property in September 2021 for $28 million, according to Bisnow.

Three of the buildings would combine lab and office space, at about 60 percent lab and 40 percent office. The City of Thousand Oaks filed a Mitigated Negative Declaration for the project in November 2022. Bisnow reported construction would take about 36 months once work begins and the campus could hold around 2,200 lab and office workers. A recent source confirming a construction start was not found.

• Size: 351,164 SF across four buildings
• Developer: Alexandria Real Estate Equities
• Location: 1100 Rancho Conejo Blvd, Thousand Oaks, Ventura County
• Status/Timing: MND filed November 2022; construction start not confirmed
• Acquisition: $28 million, September 2021

What it means for owners, tenants and investors

The campus would add a large block of new lab space to the Conejo Valley, home to Amgen's headquarters and a growing biotech cluster. Lab demand has cooled nationally since 2022, and Alexandria has slowed several projects, which may explain the lack of a confirmed start. Owners of older flex and R&D buildings nearby could see competition if the campus moves ahead.

The entitlement work is done, but timing now depends on Alexandria's capital plans and lab-tenant demand.

What to watch

Any building permit filings, demolition of the existing structures, or a pre-lease announcement.

Imagery: Google Earth.