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The Right Coast
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Few signs of life at life science city on San Diego Bay San Diego Union-Tribune

By Thomas A. Smith

The pioneering project that promised to make downtown San Diego the new center of gravity for scientific advances is fast approaching completion and the sobering reality that the market is as stubborn as ever.

Instead of making a splashy debut, the 1.7 million-square-foot Research and Development District (RaDD) from San Diego-based life science real estate developer IQHQ is not only expanding substantially the glut of available space downtown but also dragging down its lender in the process.

RaDD has been in development for more than four years and we believe 0 percent of the 1.7 million square feet is leased, Citi analyst Benjamin Gerlinger wrote in a May 29 research note downgrading the stock of the project s publicly traded lender, Bank OZK.

IQHQ, through a spokesperson, declined to comment for this story.

via www.sandiegouniontribune.com

Well, at least there will be lots of office space for all the managers of the high speed rail once that gets up and running.