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News Release: Capital One Provides $42.5 Million Commitment to Finance San Francisco Life Science Campus


Construction of Phase I of the Gateway of Pacific campus in San Francisco broke ground in May 2017, and completion of core and shell work is expected in the second half of 2019. (Rendering courtesy of Flad Architects)

New York (June 4, 2019)Capital One announced today that it participated in a $430 million syndicated loan to finance Phase 1 of the Gateway of Pacific campus in San Francisco for BioMed Realty, a Blackstone portfolio company. The financing was provided by a syndicate of banks led by JPMorgan Chase Bank.

Last year, Blackstone executed a 480,000-square-foot lease with AbbVie, representing 94 percent of Phase 1. Construction of Phase I broke ground in May 2017, and completion of core and shell work is expected in the second half of 2019.

“The transaction highlighted the experience and versatility of Capital One’s dedicated healthcare team,” said Erik Tellefson, Managing Director, Capital One Healthcare. “We worked closely and efficiently with JPMorgan and Blackstone to execute the syndication process in as timely a manner as possible.”

Blackstone is one of the world’s largest investment firms with over $430 billion of assets under management in the United States, Europe, Asia, and Latin America.  In 2016, Blackstone acquired BioMed Realty, the second-largest commercial owner of office and laboratory space in the United States. It owns and operates high-quality life science real estate comprising in excess of 11 million square feet in the United States and the United Kingdom.

“We are extremely pleased with the strong execution on the financing front,” said John Lu, Executive Vice President and Chief Financial Officer of BioMed Realty. “We thank our banking partners for their strong support of this important new development.”

Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers. Additional information can be found at capital.one/healthcare.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $255.1 billion in deposits and $373.2 billion in total assets as of March 31, 2019. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

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Liz Weaver
(301) 356-6329

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