Newmark and Sterling Bay have finalized the $290-million refinancing of Pacific Center, a newly built, Class A life sciences campus in San Diego’s Sorrento Mesa. The refii includes $162.5 million of future funding, providing substantial leasing and carry reserves to support continued occupancy growth, according to Newmark.
Newmark co-president of Global Debt & Structured Finance Jonathan Firestone, vice chairman Blake Thompson and director Jack Condon represented a joint venture between Sterling Bay and an institutional partner. The financing was provided by Peregren Capital Group.
“This refinancing underscores lender confidence in best-in-class life science assets and high-quality institutional sponsorship,” said Firestone. “Pacific Center’s scale and central Sorrento Mesa location position it as a flagship campus capable of supporting the region’s leading innovators over the long term.”
Delivered in 2025, Pacific Center comprises approximately 525,000 square feet. It was designed to accommodate a range of tenant requirements, from early-stage R&D to scaled operational uses.
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